The price of gold in the spot market surpassed $4000 per ounce for the first time on Wednesday, as investors flocked to it as a safe haven amid concerns over various issues, including the US government shutdown, while expectations of US interest rate cuts increased its appeal.

After rising 0.6% in the previous session, the precious metal reached $4000.01 per ounce in early Asian trading, with traders also watching French political unrest and uncertainty over global economic outlooks.

Gold rose in spot trading on Tuesday to a high of $3988.59.

December gold futures also increased 0.44% to $4,022, after surpassing $4000 for the first time on Tuesday and hitting a high of $4011.30.

Gold prices have risen more than 51% this year, as President Donald Trump made changes to the trade and geopolitical landscape, pushing prices toward the biggest annual gain since 1979.

Data from the People’s Bank of China showed the central bank continued buying gold in September for the eleventh consecutive month.

Goldman Sachs raised its forecast for gold prices in December 2026 to $4900 per ounce from $4300 on Monday.