GOLD REACHES NEW ALL-TIME HIGH

According to trading data, the gold market price reached a new all-time high Wednesday morning, surpassing $4,200 an ounce.

At 10:10 a.m. (CET), the price of December gold futures on the Comex exchange in New York rose 0.85% from the previous close of $35.25, to $4,198.65 an ounce. Previously, the figure had reached a record high of $4,209.65 an ounce.

Meanwhile, December silver futures rose 0.98% to $51.12 an ounce.

"The U.S. government shutdown and Jerome Powell's dovish comments are the latest reasons why gold prices have accelerated their rally," Matt Simpson, senior analyst at StoneX, told Reuters.

Markets are analyzing Tuesday's speech by the U.S. Federal Reserve Chairman. Powell stated that there are no longer any risk-free paths for U.S. monetary policy.

The Fed Chairman said the banking regulator is in a "difficult balancing act" regarding interest rate cuts. If rate cuts are too rapid, inflation risks will persist, while if they are too slow, the labor market will be negatively impacted, Powell explained.

The new U.S. fiscal year began on October 1, but Congress failed to pass a budget, leaving the government unable to function. This government shutdown means that some government agencies directly funded by Congress will cease operations.