Gold prices breached $4,200 per ounce for the first time on Wednesday, extending a record rally as rising interest rate cut bets and geopolitical jitters send investors flocking to the safe-haven metal.

Spot gold rose 1.6% to $4,206.59 per ounce as of 10:19 a.m. ET (4:19 a.m. Hawaii time), after hitting an all-time high of $4,217.95 earlier. U.S. gold futures for December delivery gained 1.4% to $4,222.30.

“The metal has been on a tear, and it doesn’t look like it wants to stop… With U.S.-China trade tensions being reignited in the last few days, investors have even more reason to hedge their long equity bets by diversifying into gold,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Gold has surged over 60% this year, driven by a confluence of factors including geopol

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