Gold prices hit an all-time high, surpassing $3800 per ounce, driven by fears of a US government shutdown, a weak dollar, and growing expectations that the Federal Reserve will cut interest rates further this year. Silver also reached its highest level in 14 years at $47, targeting $50, while the dollar index fell amid rising rate cut expectations.

On Monday, the global gold ounce price rose by 1.3%, reaching a historic high of $3819 per ounce after opening at $3764 and currently trading around $3809. This rise follows six consecutive weeks of gains, bringing gold closer to its psychological target of $4000 per ounce, which is increasingly expected to be reached before year-end, according to technical analysis by Gold Bullion.

Recent US data released last week showed a decline in inflation, giving markets reason to believe the Federal Reserve may implement further rate cuts in its October and December meetings. Traders currently assign a 90% probability to a rate cut in October and about 65% for another in December, which has caused the US dollar index to fall for the second consecutive session, reducing gains made last week.

Global stock markets started the week cautiously as investors prepare for a possible US government shutdown, which has increased demand for safe-haven assets. The federal funding is set to expire at midnight on September 30 without alternative funding or extension from Congress. Congressional leaders from both parties are scheduled to meet President Donald Trump on Monday for mediation talks.

A government shutdown could delay the release of the US government jobs report due next Friday and is expected to disrupt economic activity if left unresolved for an extended period.

Local gold prices rose at the start of trading today, supported by the significant jump in global gold prices and the recording of new historic levels, especially with stable exchange rates. The most common 21-carat gold opened trading at 5115 Egyptian pounds per gram, remaining steady at the time of reporting after closing yesterday at 5075 pounds per gram.

The record levels in local gold prices are supported by the strong positive performance of the global gold ounce price, which keeps the door open for local gold prices to reach new historic highs. Meanwhile, the US dollar exchange rate against the Egyptian pound in official banks remains stable without significant changes, making local gold pricing dependent on global gold price movements.

Global gold gained significant upward momentum at the start of the week, breaking through the psychological level of $3800 per ounce and setting a new historic level today at $3819 per ounce. Local 21-carat gold prices rose above 5100 pounds per gram, reaching a new historic level at 5115 pounds per gram amid continued upward momentum after breaking the 5100 level.