NEW YORK (AP) — As uncertainty deepens amid the U.S. government’s first shutdown in almost seven years, the gold frenzy continues to climb to new heights.

The going price for New York spot gold hit a record $3,858.45 per troy ounce — the standard for measuring precious metals — as of market close Tuesday, ahead of the shutdown beginning overnight. And futures continued to climb on Wednesday, dancing with the $3,900 mark throughout the day.

Gold sales can rise sharply when anxious investors seek “safe havens” for parking their money. Before Wednesday, the asset — and other metals, like silver — have seen wider gains over the last year, particularly with President Donald Trump’s barrage of tariffs plunging much of the world into economic uncertainty.

If trends persist, analysts have predicted that prices could continue to soar. Still, gold can be volatile and the future is never promised. Here’s what we know.

Gold futures are up more than 45% since the start of 2025, trading at just under $3,895 by around 4 p.m. ET Wednesday.

Other precious metals have also raked in gains — with silver seeing an even bigger percentage jump year to date. Silver futures are up nearly 59%, trading at over $47 per troy ounce as of Wednesday afternoon.

A lot of pricing boils down to uncertainty. Interest in buying metals like gold typically spikes when investors become anxious.

Much of the recent economic turmoil has spanned from Trump’s trade wars. Since the start of 2025, steep new tariffs the president has imposed on goods coming into the U.S. from around the world have strained businesses and consumers alike — pushing costs higher and weakening the job market. As a result, hiring has plunged while inflation continues to inch back up. And more and more consumers are expressing pessimism about the road ahead.

The current U.S. government shutdown could add to those anxieties. A key jobs report from the Labor Department, scheduled for Friday, is likely to be delayed, for example. And the shutdown itself threatens to bring its own economic fallout nationwide.