(MENAFN- Yolo Wire) The price of gold is back above the key support level of $4,000 U.S. an ounce as financial market volatility intensifies and investors' worries grow more pronounced.

Spot gold is trading at $4,020.80 U.S. per ounce early on Nov. 6 after declining at the start of the month as the U.S. dollar strengthened.

However, the greenback is once again in retreat as the U.S. government shutdown in Washington, D.C. becomes the longest on record at 36 days, with no end in sight.

Gold is also on an upswing again as investors' risk appetite fades amid concerns about high stock valuations, a shaky artificial intelligence (AI) trade, and slowing U.S. economy.

The U.S. dollar has declined 0.2% after hitting a four-month high on Nov. 5, making gold less expensive for other currency holders.

Investors are also looking for direction on interest rates after U.S. Federal Reserve Chair Jerome Powell said that another reduction in December of this year might be off the table.

Futures markets now see a 63% chance of another interest rate cut in December, down from 90% a week ago.

The macroeconomic uncertainty and market volatility has investors again turning to gold as a safe haven asset, say analysts.

Bank of America (NYSE: $BAC) recently reiterated its forecast for the price of gold to hit $5,000 U.S. an ounce in 2026.

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