Gold prices rose on Friday, heading for their eighth consecutive weekly gain, benefiting from safe-haven demand amid ongoing geopolitical and economic uncertainty, alongside expectations of interest rate cuts by the Federal Reserve (U.S. central bank).

Spot gold increased 0.1% to $3,977.87 per ounce by 0120 GMT. The precious metal has risen 2.3% so far this week.

U.S. gold futures for December delivery climbed 0.5% to $3,992.40.

According to the 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 U.S. government shutdown, factors that weighed on investor confidence and boosted gold as a safe haven.

Gold surpassed the $4,000 per ounce mark for the first time on Wednesday, reaching an unprecedented level of $4,059.05.

Gold, which does not yield income, is typically seen as a hedge during times of geopolitical and economic uncertainty. Its price has surged about 52% since the start of the year.

Other precious metals also rose: spot silver gained 1.2% to $49.70 per ounce after hitting an all-time high of $51.22 on Thursday. Platinum rose 0.4% to $1,625.30, and palladium increased 1% to $1,426.