Gold just passed yet another milestone, as the most actively traded futures contract touched $4,000 an ounce for the first time. Don't expect the precious metal to stop shining anytime soon.

Gold futures were up 0.8%, topping $4,000 an ounce in early trading.

Bullion is now up more than 50% in 2025, good enough for its best run since 1979, when it surged 144% in a rally triggered by the Iranian revolution, the Soviet invasion of Afghanistan and spiking inflation in the West.

The gains mean gold prices have effectively doubled over the past two years.

Political turmoil in three major economies drove the precious metal higher on Monday. France's government collapsed and Japan's ruling Liberal Democratic party elected Sanae Takaichi as the country's new prime minister, paving the way for freer spending by Tokyo. Meanwhile, the U.S. government shutdown dragged on.

Federal Reserve interest-rate cuts could give the precious metal a further boost. When borrowing costs are lower, that makes bullion more appealing relative to other safe-haven assets that have yields, such as bonds and savings accounts.

With the labor market faltering, investors are all-but-certain that rates will fall over the next few months. Traders are pricing in an 80% chance that the Fed eases by half a point between now and the end of its year, according to the CME FedWatch tool.