Gold and silver prices surged today as easing US government shutdown fears lifted market sentiment. Investors turned to precious metals for safety amid growing hopes of economic stability and a softer US dollar.
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Gold and Silver Prices Jump as US Shutdown Nears End
Gold and silver prices went up to a three-week high on Tuesday, continuing their strong rise from Monday.
This jump happened because traders believe the US government shutdown may end soon. Once the government reopens, economic data will start coming again, and there’s a higher chance that the Federal Reserve may cut interest rates in December.
Gold futures increased by $23.90 to $4,146.00, while silver futures rose by $0.594 to $50.089.
A possible deal in the US Congress to reopen the government is raising hopes for weaker economic data, which could lead the Fed to lower rates.
Lower interest rates usually support gold and silver prices, as they make the US dollar weaker and make precious metals more attractive to investors around the world.
Gold and Silver Hitting Record Highs
Gold is now on track for its best year since 1979, with both gold and silver hitting record highs in October.
While global stock markets were mixed, US stocks opened lower.
Meanwhile, the US Senate has passed a temporary bill to keep the government open until 2026. The House of Representatives is expected to approve it soon. The bill includes back pay for government workers and stops layoffs until the end of January.
In other news, President Trump shared positive updates on US-India trade talks. He mentioned possible tariff cuts and praised India’s reduction in Russian oil imports. He also spoke about stronger cooperation in investment, energy, and security, during the ceremony for the new US Ambassador to India.
On the economic side, US small business confidence fell in October, mainly because of hiring problems and lower sales.
The NFIB Small Business Optimism Index dropped to 98.2, the lowest level in six months.
In commodities, the US dollar weakened slightly, crude oil stayed near $60.50 per barrel, and 10-year Treasury yields were at 4.12%.
Technical Outlook
From a technical view, both gold and silver are showing strong upward momentum. Traders are watching $4,250 for gold and $53.765 for silver as the next big resistance levels.
Support levels are around $4,000 for gold and $48.235 for silver.
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