NEW YORK (AP) — As economic uncertainty deepens, the rush for gold continues — with prices for the precious metal topping $4,300 for the first time this week.

The going price for New York spot closed at a record $4,326 per troy ounce on Thursday. Futures also traded as high at more than $4,344 per troy ounce Thursday, before falling below the $4,300 mark Friday morning. Still, gold is up 6.7% over the last week, marking one of its best weeks to date.

Gold sales can rise sharply when anxious investors seek a “safe haven” for their money. For the U.S., the latest gains arrive amid the now weekslong government shutdown and ongoing trade wars abroad — with President Donald Trump most recently threatening to place much higher tariffs on China, before appearing to walk back those potential new levies as unsustainable. Still, his barrage of other import taxes has already strained economies worldwide. Meanwhile, the prospect of lower interest rates is also making gold a more attractive investment.

Gold futures are up nearly 60% since the start of 2025 — trading at about $4,268 per troy ounce, the standard for measuring precious metals, as of around 11:45 a.m. Friday. That’s up from around $2,670 at the beginning of January.

Silver has seen an even bigger percentage jump year to date. Silver futures are up about 70%, trading at over $50 per troy ounce Friday morning.

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

Advocates of investing in gold call it a safe haven — arguing that the commodity can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road as a hedge against rising inflation. Some also take comfort in buying something tangible that has the potential to increase in value over time.

Still, experts caution against putting all your eggs in one basket. And not everyone agrees gold is a good investment. Critics say gold isn’t always the inflation hedge many claim — and that there are more efficient ways to protect against potential loss of capital, such as derivative-based investments.

The Commodity Futures Trade Commission has also previously warned people to be wary of investing in gold. Precious metals can be highly volatile, and prices rise as demand goes up — meaning “when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers,” the commission noted.