Morning Business Report: Gold prices soar past $4,000 as markets face new uncertainty

Gold has officially entered record territory — topping $4,000 an ounce for the first time ever.

(LILAMAX)- Gold has officially entered record territory — topping $4,000 an ounce for the first time ever. The precious metal is up 51 percent this year, following a 27 percent gain in 2024. That surge has helped gold-mining stocks outperform even the biggest names in artificial intelligence — with one miner rising more than 100 percent, doubling the gains of AI giant NVIDIA.

Meanwhile, questions are growing about whether federal workers will receive back pay once the government shutdown ends. President Trump said that decision “depends on who we’re talking about,” despite a 2019 law that guarantees repayment after a shutdown.

Markets slipped Tuesday as investors worried about rising global debt and the possibility that AI-driven stock values may be overinflated.

At the same time, Americans are cutting back on credit card spending amid inflation and financial uncertainty. The Federal Reserve reports that revolving credit — mostly credit card debt — fell in August for the third time this year.

And finally, fans of the late Bob Ross will soon have a chance to own one of his original paintings. About 30 artworks created during The Joy of Painting will be auctioned by Bonhams this November, with proceeds supporting PBS. Bob Ross Inc. says the sale will “continue to support the medium that brought his joy and creativity into American homes for decades.”