Gold surged to a record high on Wednesday as investors sought safe-haven assets amid U.S. government shutdown risks and weak labor data fueling expectations of Federal Reserve rate cuts.

Spot gold rose 0.4% to $3,872.87 per ounce, while December futures climbed 0.7% to $3,901.40.

The dollar weakened, boosting overseas demand.

Analysts cited political uncertainty, a softer labor market, and the prospect of lower interest rates as key drivers, CNBC has reported.

Silver, platinum, and palladium also rose, with silver hitting a 14-year high at $47.39 per ounce.