ETF Inflows Drive Gold Demand to Highest First-Half Levels Since 2020

Gold climbed back above $4,000 this morning while silver rebounded near $49, extending a rally fueled by political gridlock, missing economic data, and Fed uncertainty. With the government shutdown leaving investors in the dark on jobs and inflation numbers, markets are reaching for safe-haven assets. Meanwhile, silver just earned a new designation as a critical mineral—official recognition of its role in America’s energy and tech infrastructure. Here’s what’s moving markets today.

Gold steadied near $4,000/oz Thursday amid dollar weakness and shutdown concerns, while U.S. companies announced record October job cuts. With the “Buffett Indicator” at extreme levels and Bitcoin diverging from gold’s traditional safe-haven role, investors are reassessing portfolio hedges. Meanwhile, Cambodia’s decision to store reserves with China signals a geopolitical shift in the global bullion market — underscoring gold’s growing importance as both an economic and sovereignty hedge.