Spot Gold extended its rally to top $4,000/oz for the first time this morning, as concerns over the US economy and a government shutdown boost demand for safe havens, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold has staged a historic rally

"December futures in New York, the most active contract, already surpassed the $4,000/oz level in yesterday’s trading session."

"Gold has staged a historic rally, doubling in less than two years, spurred by central bank buying as it diversifies away from the US dollar, President Donald Trump’s aggressive trade policy, and conflicts in the Middle East and Ukraine."

"Meanwhile, investors are adding Gold ETFs at a rapid pace. Total known ETF holdings for Gold reported inflows of 30.2koz for a ninth consecutive session to 97.4moz as of yesterday. Year-to-date net inflows stand at 14moz, taking the total Gold ETF holdings to the highest level since September 2022."