Gold soared to a fresh record near $4,000 an ounce as a prolonged U.S. government shutdown, political upheaval in France, and uncertainty in Japan rattled financial markets and pushed investors toward safe-haven assets.

Bullion jumped to $3,977.44 an ounce after a 1.9% gain on Monday, with spot prices hovering around $3,964 early Tuesday in Singapore. The rally puts gold on course for its largest annual gain since 1979. Advertisement

The U.S. government shutdown, now in its second week, has halted the release of critical economic data, leaving investors guessing about the Federal Reserve’s next move. Traders are still pricing in a quarter-point rate cut this month, which typically supports non-yielding assets like gold.

In Europe, French Prime Minister Sebastien Lecornu resigned after

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