Gold hits historic high surpassing $4,000

Gold prices reached a historic record on Tuesday, according to RBC.

For the first time in history, the precious metal’s price exceeded $4,000 per troy ounce.

On the New York Commodity Exchange (COMEX), December gold futures rose 0.6% on Oct. 7, reaching $4,000.10 per troy ounce.

The surge in gold demand has been attributed in part to the U.S. government shutdown, which began on Oct. 1 after Congress failed to approve the new fiscal year budget. During this period, federal agencies are prohibited from spending money, and most government employees are on unpaid leave.