Gold futures rise above $4,000 per ounce for the first time

Gold futures rose above $4,000 per ounce for the first time in history as investors continue to seek a safe haven for their money with the U.S. government essentially shut down.

As of 6:10 a.m., gold futures traded at $4,003 in New York. The going price for New York spot gold rose to $3,960.60 per troy ounce — the standard for measuring precious metals.

Gold futures are standardized contracts that agree to trade gold at that time, but with a settlement day in the future. The terms, including the amount and price, are decided when the contract is made. The settlement day is when the actual trade takes place, with the delivery and payment being conducted.