Broke a record: Gold price per ounce exceeded $4,000 for the first time

The ounce of gold is breaking records due to the increased risk caused by geopolitical risks as well as the federal government shutdown in the US.

This year, the ounce of gold followed a buying-heavy trend due to geopolitical developments, tariffs implemented by the US administration, and political uncertainties around the world.

The rise in gold prices accelerated when the government shutdown in the US was added to the developments.

The price of gold surpassed $4,000 per ounce for the first time today. After starting the day on a positive note, the price of gold rose to a record high of $4,037.10 per ounce.

Thus, the ounce of gold has gained over $1,400 since the beginning of the year.

THE IMPACT OF THE BUDGET CRISIS IN THE USA

Analysts said that geopolitical developments in the Middle East and Ukraine, along with the US budget crisis and declining confidence in US financial stability, are supporting gold prices.

Analysts noted that the government shutdown in the US has further fueled insecurity in the country, and that the US national debt is also making investors nervous. They also noted that central bank gold purchases have contributed to the price increase.