Gold prices rose on Friday and are on track for their eighth consecutive weekly gain, benefiting from safe-haven demand amid ongoing geopolitical and economic uncertainty alongside expectations of US Federal Reserve interest rate cuts.

Spot gold increased 0.1% to $3977.87 per ounce by 0120 GMT, rising 2.3% so far this week.

US gold futures for December delivery rose 0.5% to $3992.40.

According to CME’s FedWatch tool, traders currently expect a 25 basis point rate cut in October and another cut in December, with probabilities of 95% and 82% respectively.

Markets were affected this week by political unrest in Japan and France, along with the ongoing US government shutdown, factors that weighed on investor confidence and boosted gold as a safe haven.

Gold surpassed the $4000 per ounce mark for the first time on Wednesday, reaching an unprecedented level of $4059.05.

Gold, which yields no income, is typically seen as a hedge during times of geopolitical and economic uncertainty. Its price has jumped about 52% since the start of the year.

Other precious metals saw gains as well: spot silver rose 1.2% to $49.70 per ounce after hitting an all-time high of $51.22 on Thursday. Platinum increased 0.4% to $1625.30, and palladium rose 1% to $1426.