Gold bullion and related exchange traded funds are on pace for their best monthly gain in almost two years as political risks and a depressed growth outlook triggered increased demand for safe-haven bets.

Over the past month, the SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and Aberdeen Standard Phys SwissGold Shr ETF (NYSEArca: SGOL) rose 3.7% and broke back above their long-term trend line at the 200-day simple moving average.

Meanwhile, Comex gold futures were hovering around $1,269 per ounce and was set to enjoy their best monthly advance since January 2017.

Gold futures hit a six-month high as U.S. equities danced close to a bear market as a government shutdown in Washington extends to its fifth day amid no signs of a resolution over funding for a wall on the Mexico border, Bloomberg reports.

Given the heightened uncertainty, money managers have taken on their most bullish position on gold in half a year while gold holdings in physically backed ETFs are on the rise.

“New money is coming into the gold market as a result of the shutdown, propelling the move higher,” Phil Streible, a senior market strategist at RJO Futures, told Bloomberg. “The path of least resistance is up.”

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