09:34 AM EDT, 10/08/2025 (MT Newswires) -- Gold continued its record run early Wednesday, posting its second day above the US$4,000 mark on high demand and buying pressure despite a higher dollar.

Gold for December delivery was last seen up US$61.00 to $4,065.40 per ounce.

The price of the metal has now climbed 11% over the past month and 54% over the past year, buoyed by physical demand from central banks, falling interest rates and concerns over the stability of U.S. treasuries amid capricious U.S. tariff policies and the shutdown of the U.S. government.

"The move above USD 4,000 is not simply a function of rate expectations or a weaker dollar. Rather, it reflects a deeper shift in investor psychology and global capital flows. In an increasingly fragmented world, the West's weaponization of markets, payment systems, and reserve assets has eroded confidence in traditional safe havens such as the U.S. dollar and Treasuries," Ole Hansen, head of commodity strategy at Saxo Bank, noted.

The rise comes even as the dollar rises, normally bearish for commodities priced in the currency. The ICE dollar index was last seen up 0.13 points to 98.71, the highest since Aug. 5.

Treasury yields eased, with the U.S. two-year note last seen down 0.4 basis points to 3.572%, while the 10-year note was paying 4.107%, down 2.4 points.