Gold rose above $3,800/oz for the very first time. Silver also surged to its highest level since May 2011 yesterday, ING's commodity experts Ewa Manthey and Warren Patterson note.
Gold price advances close to 2% on Monday and trades near record highs of $3,833 as market participants seeking safety bought the yellow metal amid fears of a government shutdown in the United States. XAU/USD trades at $3,827 at the time of writing.
Upward momentum continues to increase; if US Dollar (USD) breaks above 7.1500, the next level to watch is 7.1600, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.