The price of gold has reached a record of more than $4,000 as investors seek safe havens due to concerns about economic and political uncertainty around the world.
Gold has seen its biggest rise since the 70s, rising by about a third since April when US President Donald Trump announced tariffs that have disrupted global trade.
Analysts say another issue worrying investors is delays in the release of key economic data as the US government shutdown enters its second week.
Gold is seen as a so-called "safe haven" investment, which is expected to maintain or increase its value during times of market turbulence or economic downturns.
The real-time gold price - 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 contracts - which serve as a gauge of market sentiment - reached the same level on October 7. Futures contracts are agreements to buy or sell the asset at a predetermined date in the future.
The US government shutdown, which was triggered by repeated gridlock over public spending, is a "tailwind for gold prices," said OCBC's Christopher Wong, who is the Singapore-based bank's chief interest rate strategist.
Investors have flocked to safe-haven assets like gold during previous US government shutdowns.
It rose 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 sooner than some investors expect, Wong said.
The "unprecedented rise" in gold in the past month has exceeded analysts' expectations, said UOB bank head of markets strategy Heng Koon How.
He added that the increase is also linked to the weakening US dollar and more non-professional buyers, known as retail investors, buying gold.
Not everyone who invests in gold buys the physical precious metal. Some investors put their money in financial products, such as exchange-traded funds (ETFs), which are backed by gold.
A record $64 billion has been invested in gold ETFs so far this year, according to the World Gold Council trade association.
