U.S. Gold Reserves Top $1T, Revaluation Debate

Gold surged to record highs this week, trading around $3,800–$3,876 per ounce and rising roughly 45% year-to-date amid heavy ETF inflows and accelerating central-bank purchases. The rally has been driven by safe-haven buying over a looming U.S. government shutdown, geopolitical tensions and expectations of Federal Reserve rate cuts that have pushed real yields lower. At current prices the market value of the U.S. Treasury's 261.5 million‑ounce hoard tops about $1 trillion (it remains booked at $42.22/oz, roughly $11 billion), a move that would imply a one‑time mark‑to‑market gain of about $980–$990 billion though Treasury says it is not pursuing revaluation and analysts call the figure largely symbolic. Technicals are bullish but overbought, with resistance near $3,890 and $4,006 and key supports around $3,750, $3,657 (21‑DMA) and $3,500, and traders say a last‑minute shutdown deal could prompt a corrective pullback. Platinum has eased from 12‑year highs on weak automotive demand and profit‑taking, and markets are watching upcoming US data—ADP, ISM PMI and payrolls—that could alter Fed expectations and flows into precious metals.