Gold prices shot to all-time highs on Wednesday as a U.S. government shutdown rattled markets and expectations for a Federal Reserve rate cut gained momentum.

Spot gold climbed 0.9% to $3,891.96 per ounce, touching a record $3,895.09 in intraday trade. U.S. gold futures for December delivery also rose, gaining 1.2% to $3,918.60.

The price rally was fueled by safe-haven flows as the U.S. dollar weakened—down roughly 0.2% against major currencies. With Congress unable to agree on a funding bill, much of Washington’s operations are now shuttered, raising the specter of delayed economic data releases, including Friday’s nonfarm payrolls.

Investors also shrugged at softer U.S. labor figures: hiring growth has flattened, reinforcing speculations that the Fed may cut rates as soon as October. The gold rally has been especially strong: bullion is up ~11.5% in September—on track for its best month since 2011—and ~16.4% for the quarter.

Other precious metals also responded: silver rose ~1.5% to $47.39 (a multi-year high), while platinum and palladium added modest gains.

As geopolitical and fiscal risks persist, analysts believe gold’s trajectory may maintain tailwinds, especially if the Fed leans dovish and the U.S. shutdown drags on.