Gold rose on Thursday, extending gains even after the U.S. government ended its record 43-day shutdown. Investors remain uneasy about the economy’s health.
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Spot gold traded at $4,242 an ounce at 7:55 a.m. ET, up 1.1%. December futures rose 0.8% to $4,248. Silver and platinum also gained, rising 1% and 1.2% respectively.
The shutdown ended Wednesday night when President Trump signed a funding bill approved by Congress. But markets aren’t celebrating. Traders worry that the upcoming economic data, delayed by the shutdown, may show weakness.
“Gold is rising because uncertainty remains high,” said ANZ analysts. “Central banks, especially China’s, keep buying gold too.” China has added to its gold reserves every month for over a year.
Copper prices rose 0.6% to $10,975 a ton. Factories and builders in the U.S. may restart projects now that government services are back up and running. China’s new economic plan, which promises more infrastructure spending, also lifted copper demand hopes.
Notably, gold rose even as bets on a Federal Reserve rate cut in December fell sharply. Traders now see only a 50% chance of a cut, down from 62% a day earlier. This shows gold’s strength comes from deeper worries, not just interest rates.