Gold prices hit another record high this morning, with spot gold breaking above $3,945/oz for the first time, as the prolonged US shutdown fuelled investors’ demand for safe-haven assets. The US disruption has delayed payroll data expected last Friday, further clouding an already uncertain economic outlook. With official data delayed, traders are depending on private reports for economic insight, while the central bank faces challenges in making monetary policy decisions. Still, markets expect a quarter-point rate cut this month, which could further support gold.
The latest data shows that total known ETF holdings for gold continue to report inflows of 52.5koz for a seventh consecutive session to 97.3moz as of Friday. Net inflows for the last week stand at 655.7koz, taking the total gold ETF holdings to the highest level since September 2022. Gold prices are already up by nearly 50% this year, driven by heightened economic and geopolitical uncertainty under US President Donald Trump. The Federal Reserve’s rate cuts and central bank moves to diversify away from dollar assets have also provided strong support.
In industrial metals, LME copper prices extended the upward rally for a fourth straight session this morning, with prices moving above $10,785/t (the highest since May 2024), amid expectations of US interest rate cuts and ongoing supply disruptions. Recent reports of supply disruptions at major mines – including Freeport-McMoRan Inc. (Grasberg), Codelco (EI Teniente) and Hudbay Minerals Inc. – have led to a sharp downward revision in the output guidance for the year.
Meanwhile, LME data shows that on-warrant inventories for lead fell by 26,525 tonnes (the biggest daily decline since 18 July 2025) after reporting gains for three consecutive sessions to 185,200 tonnes as of 3 October, the lowest since 20 May 2025. Most of the outflows were reported into Singapore warehouses. Total inventories of lead rose by 3,750 tonnes for a fourth straight session to 237,500 tonnes, while cancelled warrants increased by 30,275 tonnes for a second consecutive session to 52,300 tonnes for the period.