Gold prices surged to a new record in the global market on Tuesday as uncertainty deepened over the ongoing US government shutdown.
As per media reports, spot gold inched up 0.1 percent to $3,965.39 per ounce by 0308 GMT, after briefly touching an all-time high of $3,977.19 earlier in the day. US gold futures for December delivery gained 0.3 percent to $3,988.10.
The rally occurred as the standoff between the two chambers of the U.S. Congress persisted with no resolution in sight, fueling concerns that the government shutdown might continue. Amid the political uncertainty, investors sought refuge in gold as a safe-haven asset.
In other precious metals, spot silver slipped 0.1 percent to $48.49 per ounce, platinum fell 0.4 percent to $1,619.62, while palladium edged up 0.1 percent to $1,325.71.
Gold hit an all-time high in the Pakistani Market on Monday, while a further surge is expected in the prices today, in view of the hike in the rate of yellow metal in the international market.
