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 has increased by nearly 45% this year

"The rally was driven by a weaker US Dollar (USD) following a crucial meeting between President Donald Trump and top Congressional leaders one day before a potential US government shutdown. A failure to pass a short-term funding bill could delay the release of key economic data."

"This includes Friday’s job data, which is expected to show subdued employment growth. Concerns over the Federal Reserve’s independence remain a focus of the Gold market. Gold has increased by nearly 45% this year, supported by central bank purchases, the resumption of interest rate cuts, inflows into ETF holdings, and geopolitical tensions."