WASHINGTON (dpa-AFX) - Gold surged more than 1 percent to hit a new record high above $3,800 per ounce on Monday as investors eyed a looming U.S. government shutdown.
Spot gold jumped 1.5 percent to $3,816.64 per ounce in European trading, while U.S. gold futures were up a little over 1 percent at $3,848.42.
The U.S. dollar was on the defensive as traders braced for a potential U.S. government shutdown that could stall the release of September's payrolls and other key economic data.
Top U.S. congressional leaders plan to meet with President Donald Trump today to negotiate on government funding.
Without an agreement, a shutdown will begin Wednesday, coinciding with new tariffs on heavy trucks, pharmaceuticals and other goods.
Ongoing tariff uncertainty and the intensifying Russia-Ukraine war also boosted safe-haven demand for the precious metal.
Russia attacked the Ukrainian capital and other cities across the country on Sunday with nearly 600 drones and dozens of missiles, killing at least four people in Kyiv and injuring dozens more in an assault that lasted more than 12 hours.
Power outages were reported across Belgorod Oblast after Ukrainian HIMARS rockets reportedly struck a thermal power plant near the Russian city on Sept. 28.
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