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Gold prices rose to hit a fresh high on Tuesday and were poised for their best month in 14 years, as fears of a potential U.S. government shutdown and growing expectations of further U.S. interest rate cuts boosted demand for the safe-haven metal.

Spot gold was up 0.9% at $3,866.90 per ounce, as of 0501 GMT. Bullion has risen 12.1% so far in September, and is on track for its best month since August 2011, if current momentum persists.

U.S. gold futures for December delivery gained 1% to $3,894.90.

"The looming government shutdown creates a haze of uncertainty over the market, which has served to accelerate gold's gains," said KCM Trade Chief Market Analyst Tim Waterer.

"The $4,000 level now seems a viable year-end target for

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