Gold price today, Wednesday, October 1: Gold eclipses $3,900 as government shutdown begins

Gold Market Overview - Gold futures opened at a record $3,887.70 per ounce, reflecting a 1.2% increase from the previous close of $3,840.80, and rose above $3,900 in early trading [1][3] - The price of gold has seen significant increases over various time frames, with a 3.1% rise from the opening price of $3,769.80 one week ago, a 13.3% increase from $3,432.50 one month ago, and a 47.7% rise from $2,631.40 one year ago [4] Economic Context - The U.S. government shutdown has led to a reduction in federal agency activities, including the Bureau of Labor Statistics, which will temporarily reduce its workforce from 2,055 employees to just one [2] - Analysts and the Federal Reserve are expected to rely on private data sources, such as the ADP payroll report, to assess the economy's health during the shutdown [2] Investment Sentiment - The surge in gold prices is attributed to safe-haven demand as investors react to the potential implications of an extended government closure [3] - Analysts are generally bullish on gold, with predictions from Goldman Sachs Research suggesting that gold could reach $3,700 per troy ounce by the end of 2025, representing a 40% increase from its January 2 opening price of $2,633 [13]