Gold tops $4,000 for first time as traders pile into safe haven

Gold prices surged past $4,000 for the first time amid concerns about the U.S. government shutdown and potential interest rate cuts. The rally reflects growing unease over equity markets, with fears of a tech bubble due to inflated valuations. Political instability in France further boosted gold's appeal as a safe-haven asset.

Gold climbed to $4,039.86, while silver neared its record high. National Australia Bank's Taylor Nugent noted that investment in gold was driven by "political, economic, and inflation uncertainty." Meanwhile, stock markets experienced declines, impacted by disappointing earnings from tech giants like Oracle.