Gold prices climbed to around $4,240 per ounce on Monday, marking their highest level in five weeks, as investors priced in growing expectations of a US interest rate cut later this month.

Dovish comments from Federal Reserve officials, combined with weaker economic data following the longest US government shutdown, have fueled speculation that the Fed may reduce rates again. Markets currently assign an 87% probability to a 25-basis-point reduction.

Investors are now closely monitoring upcoming US manufacturing and private payroll data, which could provide further signals on the likelihood of a Fed rate cut ahead of the central bank’s policy meeting.

Gold has posted gains in nearly every month this year, setting it up for its best annual performance since 1979. The metal’s rally has been supported by strong central-bank purchases and robust ETF inflows, which contributed to record prices above $4,380 per ounce last month.