The price of gold has hit a record high of more than $4,000 (£2,985) an ounce as investors look for safe places to put their money over concerns about economic and political uncertainty around the world.
Gold has seen its biggest rally since the 1970s, rising by around a third since April when US President Donald Trump announced tariffs which have upset global trade.
Analysts say another issue worrying investors is delays to the release of key economic data due to the US government shutdown, as it enters its second week.
Gold is seen as a so-called safe haven investment, which is expected to retain or increase its value during times of market turbulence or economic downturns.
The price of spot gold - the real-time market value of the precious metal for immediate delivery - rose to more than $4,036 an ounce on Wednesday afternoon in Asia.
Gold futures - which serve as a gauge of market sentiment - reached the same level on 7 October. Futures are agreements to buy or sell the asset at a pre-determined date in the future.
The US government shutdown, which was triggered by repeated impasses over public spending, is a tailwind for gold prices, said OCBC's Christopher Wong, a rates strategist based in Singapore.
Investors have turned to safe haven assets like gold during previous US government shutdowns.
It rose by nearly 4% during the month-long shutdown in Trump's first term in the White House.
But gold prices could fall if the shutdown ends more quickly than some investors are expecting, said Mr. Wong.
Gold's unprecedented rally in the past month has surpassed analysts' expectations, stated UOB bank's head of markets strategy, Heng Koon How.
He added that the rise is also tied to the weakening US dollar and more non-professional buyers, known as retail investors, purchasing gold.
A record $64bn has been invested in gold ETFs so far this year, according to the World Gold Council trade association.
Gregor Gregerson, founder of precious metals dealer and storage provider Silver Bullion, reported a doubling in customer numbers over the last year. He noted most clients are long-term holders, storing gold for more than four years.
As Mr. Gregersen emphasizes, gold prices can fall as well as rise, influenced by factors such as interest rate hikes and geopolitical tensions.
The current climb in gold prices reflects expectations that the Fed will lower interest rates, making gold more attractive.
However, if inflation resurges unexpectedly, it could prompt the Federal Reserve to raise rates, which may lead to a decline in gold prices.
