Gold surged past $US4000 ($6080) an ounce for the first time late Monday, then again Tuesday, extending a rally that has lifted prices close to 50 per cent since the start of the year.

Institutional investors, central banks and individuals have been snapping up the “safe haven” asset, feeding an upswing in prices that typically signals economic uncertainty.

Gold’s latest string of record highs coincides with the government shutdown that began on October 1.

But its 2025 run-up is rooted in ongoing trade policy and geopolitical tensions, gathering steam in April as President Donald Trump’s “Liberation Day” tariffs rattled markets. Prices jumped again in August and September as the US job market showed signs of cooling.

“Momentum in gold has been unrelenting,” LPL Financial’s chief techni

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