Sybilla Gross

Central banks accelerated gold purchases in the third quarter, as several returning buyers braved record-high prices to bet on bullion’s value as a hedge against a vulnerable US dollar.

Gold headed for its biggest weekly gain in five years, surging along with silver as fears about credit quality in the US and tensions with China add fuel to this year’s flight to safety.

Gold reached a new all-time high as the US began a government shutdown on Wednesday, threatening upheaval including delays to key economic data releases.

Gold climbed to a record above $3,800 an ounce as precious metals surged, boosted by a weaker dollar as investors weighed a potential US government shutdown.

Silver rose above $45 an ounce for the first time in 14 years while gold neared another record high, bolstered by a risk-off mood in equity markets and ongoing worries about the trajectory of the US economy.

Gold powered to a record in the week’s opening session after flows into exchange-traded funds hit a three-year high, with investors betting that the Federal Reserve’s rate-cutting cycle has further to run. Silver also rose, with year-to-date gains topping 50%.

Shareholders wiped A$3 billion ($2 billion) off the market value of Australia’s Santos Ltd. after a third attempted sale faltered, raising pressure on the oil and gas group to boost its valuation and returns — or find an alternative partner.

BHP Group Ltd. said it will shutter one of its Queensland coal mines and slash about 750 jobs across the division, citing high state royalties and weak market conditions that have made low-margin operations unsustainable.

Surging lease rates for silver are once again upending the precious metals market, with traders fearing that possible US tariffs could squeeze already tight supplies in London as price dislocations re-emerge between key trading hubs.

Gold hit a fresh all-time high as the prospect of US interest-rate cuts boosted the metal’s appeal and traders sought safety following a recent selloff in equity and bond markets.