Gold pushed through $4,000 an ounce to hit a record on Wednesday, driven by investors seeking safety from mounting economic and geopolitical uncertainty, alongside expectations of further interest rate cuts by the U.S. Federal Reserve, Reuters reported.

Spot gold was up 0.9% at $4,017.16 per ounce by 0442 GMT. U.S. gold futures for December delivery gained 0.9% to $4,040 per ounce.

Traditionally, gold is seen as a store of value during times of instability. As one of the best-performing assets of 2025, spot gold is up 53% year-to-date after rising 27% in 2024, according to Reuters.