Ammon News - GOLD surged past the $3,900-an-ounce level for the first time on Monday, driven by safe-haven demand following a fall in the yen and a U.S. government shutdown, while growing expectations of additional Federal Reserve rate cuts also lent support.

Spot gold was up 0.9% at $3,922.28 per ounce by 0208 GMT, after hitting an all-time high of $3,924.39 earlier in the session. U.S. gold futures for December delivery gained 1% to $3,947.30.

"Yen weakness on the back of the Japanese LDP elections has left investors with one less safe-haven asset to go to, and gold was able to capitalise," said KCM Trade Chief Market Analyst Tim Waterer.

"The enduring U.S. government shutdown means that a cloud of uncertainty still hangs over the U.S. economy and the potential size of any GDP impact."



Reuters