Gold prices surged to a new record level on Tuesday and are set to post their best monthly performance in 14 years, as concerns over a potential US government shutdown and increasing expectations of further interest rate cuts boosted demand for the metal as a safe haven.

According to Bloomberg Economic News Agency, spot gold rose about 0.2 percent to reach $3,842.76 per ounce, while US December gold futures climbed 0.4 percent to $3,872.

Other precious metals saw silver steady at $46.95 per ounce in spot trading, platinum fell 0.2 percent to $1,597.58, and palladium dropped 0.8 percent to $1,259.02.

Meanwhile, oil prices declined today after expectations of another increase in OPEC+ production and the resumption of oil exports from Iraq’s Kurdistan region via Turkey raised forecasts of a near-term supply surplus.

Brent crude futures for November delivery, expiring today, fell 47 cents or 0.69 percent to $67.50 per barrel.

The most active December contracts dropped 43 cents or 0.64 percent to $66.66.