02:00 PM EDT, 09/30/2025 (MT Newswires) -- (Updates prices.)

Gold rose to a fresh record high midafternoon on Tuesday on a weaker dollar, concerns over a slowing U.S. economy and a likely partial shutdown of the U.S. government coming at midnight tonight continue to support the metal.

Gold for December delivery was last seen up US$19.90 to US$3,875.10 per ounce, up from a day-prior record close.

The price of the metal has surged this year on safe-haven buying, a weakening U.S. dollar amid the country's capricious tariff policies, lower interest rates and physical demand from Asia and exchange-traded funds. A likely partial shutdown of the U.S. government coming at midnight as Republicans and Democrats fail to agree on a new funding package is also offering support.

"Against a weaker U.S. dollar backdrop (and some jitters over a likely government shutdown), gold has climbed an additional +0.5% (but has since lost momentum) to yet another new all-time high of $3,850 per ounce (now up +45% for the year). ETF inflows into gold have been positive for four weeks in a row, and this retail demand has finally reached the prior record-highs posted during the height of the pandemic," Rosenberg Research wrote.

The dollar weakened, with the ICE dollar index last seen down 0.24 points to 97.66. Treasury yields also narrowed, with the U.S. two-year note last seen paying 3.612%, down 2.3 basis points, while the yield on the 10-year note was down 0.1 points to 4.143%.