Sybilla Gross

Citigroup Inc. and Morgan Stanley are among banks preparing to challenge the dominance of JPMorgan Chase & Co. in the global gold market by seeking to offer vaulting services in London, as investor interest in the precious metal surges.

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.

Silver hit the highest in decades as a historic short squeeze in London intensified, with a fresh surge in prices adding urgency to a worldwide hunt for bullion that could alleviate the mismatch between demand and supply.

Gold hit a record high just below $4,000 an ounce as the US government shutdown, a wobble in technology stocks, and political shake-ups in Japan and France buoyed demand.

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.

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%.

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.