Gold reaches new all-time high

Gold prices scaled a new record peak above $3,860 per ounce on Tuesday, heading for their biggest monthly gain in 14 years, as investors rushed to safe-haven assets amid mounting concerns over a looming US government shutdown and expectations of further Federal Reserve rate cuts.

Talks between President Trump and congressional leaders on Monday ended without a deal on short-term funding, raising the risk of a shutdown when current funding expires at midnight Tuesday.

If no agreement is reached, a shutdown would begin on Wednesday, potentially delaying the release of key economic data, including the September nonfarm payrolls report.

Adding to market jitters, new US tariffs on heavy trucks, patented drugs, and other items are set to take effect on Wednesday.

Recent US economic data has also reinforced bets that the Fed could deliver additional rate cuts at its two remaining meetings this year. Bullion has gained more than 11% so far in September and is up over 16% for the quarter.