From Global News.

Gold prices have soared above US$4,000 per ounce for the first time on Wednesday as the U.S. government shutdown continues.

Quentin Mai, President and CEO of West Point Gold, stated that the increase in gold prices is driven by "a combination of interest rates, tariffs, and a general erosion of the U.S. dollar, which has lost at least 10 to 12% of its value against the other currencies globally in the last six to nine months."

In markets across China, India, Thailand, and Indonesia, demand for gold remains high, with more consumers purchasing than selling. However, small-scale goldsmiths in Ahmedabad, India, are facing challenges as record prices deter customers, impacting their businesses.

Mai predicts gold could reach between $4,200 and $4,500 in the next six months.

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