The international cash gold price broke $3800 per ounce for the first time on September 29, a new record high.

The price of international cash gold rose to $3819.81 per ounce on the same day. The data provided by the world¡¯s largest gold support exchange trading fund (ETF) ¡°SPDR Gold Trust¡± showed that as of the 26th, its holding volume increased 0.89% to 1005.72 tons compared to the previous day by 996.85 tons.

Reuters believes that the price of gold has reached a new high, mainly boosted by the weakening of the US dollar and the expectation that the US Federal Reserve will further cut interest rates this year.

Bloomberg news agency that investors are waiting for a meeting between U.S. Congress leaders and U.S. President Trump, during which time the dollar has weakened.

The Associated Press reported that Senate Democratic leader Chuck Schumer and Republican leader John Thune are scheduled to meet Trump at the White House on the 29th to discuss the government funding extension bill. The Senate is expected to vote on the government appropriation extension bill passed by the House of Representatives on the 30th. If passed, the bill will keep the U.S. government running for seven weeks while Congress completes the annual spending bill.

Bloomberg reported that once the U.S. government "shuts down", it may delay the release of key employment data this week, blurring the Fed's monetary policy path. According to the Fed Watch tool of the Chicago Mercantile Exchange, traders currently expect the probability of the Fed cutting interest rates in October to be 90%, and the probability of another interest rate cut in December to be about 65%.

Strategists at Barclays Bank in the UK said in a research report released on the 28th that the price of gold does not look high compared to the US dollar and US Treasury bonds. Considering the risk that the Federal Reserve may lose its "independence", the price of gold "should contain a certain degree of premium related to the Federal Reserve." This makes gold an unexpected value hedge.

According to Bloomberg data, gold prices have risen by 45 percent since this year, driven by the central bank¡¯s buy-in demand and the Fed¡¯s resumption of interest rate cuts. Gold prices are expected to rise for the third consecutive quarter next week, according to the report.

In addition, silver prices hit a new high since 2011 on the 29th. Citibank Group of the United States expects that the supply of platinum group metals may be tight due to the impact of U.S. government policies. (Bu Xiaoming)