BlockBeats News, October 7th, against the backdrop of the seventh day of the U.S. government shutdown with no signs of resolution, the price of gold slightly retreated in early trading after approaching the $4,000 per ounce mark. The U.S. government shutdown has added uncertainty to the financial markets, leading to a delay in the release of U.S. economic data crucial to the Federal Reserve’s decisions. However, traders still expect the Fed to cut interest rates twice more this year.
Meanwhile, political unrest in France and ongoing geopolitical risks continue to drive demand for safe-haven assets. Goldman Sachs has raised its gold price forecast for December 2026 from the previous $4,300 per ounce to $4,900 per ounce, citing reasons such as inflows into gold exchange-traded funds and central banks’ gold purchases. (Fx678)
