Gold Surges to $4,053 an Ounce Amid Disappointing Data

SadaNews Economy - Gold prices recorded a significant increase during trading on Monday, with the ounce rising by 1.3% or $52, trading above the $4,053 level, driven by disappointing U.S. economic data.

Data from the end of last week showed a decline in U.S. consumer confidence to its lowest levels since mid-2022, amid an ongoing government shutdown that adversely affected overall economic sentiment.

Although the U.S. Senate passed a temporary funding bill, indicating an approaching end to the shutdown, gold continued to gain as a safe haven in times of uncertainty.

Since the beginning of the year, the yellow metal has achieved gains of nearly 53%, but it still remains below its record peak of $4,381.5 per ounce, which was set earlier.