their money over concerns about economic and political uncertainty around the world. Gold has seen its biggest rally since the 1970s, rising by around a third since April when US President Donald Trump announced tariffs which have upset global trade. Analysts say that another issue worrying investors is delays to 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 retain or increase its value during times of market turbulence or economic downturns.

At the same time, the Bank of England (BoE) has warned the value of AI tech companies "appear stretched" with a rising risk of a "sharp correction" to financial markets. Sharemarkets in the US, UK and Europe have hit record highs recently as investors try to benefit from a rally in tech companies. A correction would be defined as a fall in these indexes of more than 10%. The price of spot gold - 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 - which serve as a gauge of market sentiment - reached the same level on 7 October. Futures are agreements to buy or sell the asset at a pre-determined date in the future. The US government shutdown, which was triggered by repeated impasses over public spending, is a "tailwind for gold prices", said OCBC's Christopher Wong, who is the Singapore-based bank's rates strategist. Investors have turned to safe haven assets like gold during previous US government shutdowns.

It rose by 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 more quickly than some investors are expecting, said Mr Wong. Gold's "unprecedented rally" in the past month has surpassed analysts' expectations, said UOB bank's head of markets strategy Heng Koon How. He added that the rise is also tied to the weakening US dollar and more non-professional buyers, known as retail investors, purchasing gold. (BBC/Getty Images)