NEW YORK (AP) — The gold frenzy continues to climb to new heights with the going price for New York spot gold hitting a record $3,858.45 per troy ounce — the standard for measuring precious metals — last week.

Analysts say gold sales can rise when anxious investors seek “safe havens” for parking their money.

Gold — and other metals, such as silver — have seen wider gains over the last year, particularly following President Donald Trump’s implementation of new tariffs.

If trends persist, analysts have predicted that prices could continue to soar.

Still, gold can be volatile.

Gold futures are up more than 45 percent since the start of 2025.

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 percent, trading at over $47 per troy ounce as of last week.

Economists say a lot of the increase in metals’ value boils down to uncertainty. Interest in buying metals such as gold typically spikes when investors become anxious, spurred in part this year from the tariffs.

Besides the tariffs, hiring has also fallen this year while inflation continues to inch back up. A growing number of consumers are also expressing pessimism about the economy’s future, according to recent polls.

Last week’s government shutdown could add to those anxieties. Roughly 750,000 federal workers were expected to be furloughed, with some potentially fired by Trump’s administration. Many offices will also be shuttered, perhaps permanently.

The scope of impact could come down to how long the impasse lasts. Wall Street, meanwhile, has largely been unmoved by the shutdown so far.

Investments in gold have also been driven by other factors over time. Analysts have previously pointed to strong gold demand from central banks around the world — including amid rising geopolitical tensions, such as the ongoing conflicts in Gaza and Ukraine.

Advocates of investing in gold call it a “safe haven” — arguing the commodity can serve to diversify and balance an investment portfolio, as well as mitigate possible risks down the road.

Some also take comfort in buying something tangible that has the potential to increase in value over time.

Still, analysts caution against putting all an investor’s eggs in one basket — and not everyone agrees gold is a good investment. Critics say gold isn’t always the inflation hedge many say it is — 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, the commission said, 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.”

Even gold’s current rally has seen some volatility. While still up significantly overall since the start of the year, there’s been a handful of short stretches with losses.

Gold prices fell for several days following Trump’s sweeping “Liberation Day” announcement on April 2, for example.

The commission adds that for anyone considering investing in gold, it’s important to educate themselves on safe trading practices and be cautious of potential scams and counterfeits on the market.