Gold prices surged above $3,800 an ounce for the first time today, driven by rising bets on a Federal Reserve rate cut that weakened the dollar, while concerns over a possible U.S. government shutdown bolstered safe-haven demand.

Spot gold jumped 1.5% to $3,816.79 per ounce by 0923 GMT, after hitting $3,819.59 earlier in the session.

U.S. gold futures for December delivery rose 1% to $3,846.60.

The dollar index fell 0.3%, making greenback-priced bullion less expensive for overseas buyers.

President Donald Trump will meet with the top Democratic and Republican leaders in Congress later today to discuss extending government funding. Without a deal, a shutdown would begin on Wednesday.

“With the Fed set to cut further rates over the next six months, I think there should be more upside fo

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