The “sum of all fears” has restored investors’ faith in gold.

Money is piling into gold amid concerns over the U.S. economy that could slow the Federal Reserve’s plans to raise interest rates. Adding fuel to the rally are growing U.S.-North Korea tensions. Last week, investors poured $1 billion into the largest exchange-traded fund backed by bullion, the most since mid-2016. That helped gold close above $1,300 an ounce for the first time this year.

ETF buyers are building their holdings, joining hedge funds that have boosted their net-long position in bullion futures by almost nine-fold since early July. Through Tuesday, assets in gold-backed ETFs tracked by Bloomberg posted the biggest three-day gain since February.

“If gold is really ‘the sum of all fears,’ then the gold price is saying that not all is rosy in the garden,” Ross Norman, the chief executive officer of London-based precious metals dealer Sharps Pixley Ltd., said in a note Wednesday. “Gold seems to have momentum behind it, too.”

Gold for immediate delivery rose 0.1 percent to $1,340.45 an ounce at 11:27 a.m. in New York, heading for a fifth straight gain, according to Bloomberg generic pricing. On Tuesday, prices climbed as much as 0.8 percent to $1,344.44, the highest since Sept. 8, 2016.

The price of SPDR Gold Shares, the biggest bullion-backed ETF, is up almost 8 percent this quarter.

The odds of another rate increase in the U.S. by the end of this year slipped to about 25 percent on Tuesday from about 40 percent a month earlier amid doubts on central bankers’ resolve to tighten monetary policy. On Tuesday, Federal Reserve Governor Lael Brainard said the U.S. central bank needs to pay careful attention to underlying inflation before raising rates again, as longer-run price pressure trends appear to be lower.

Also on Tuesday, Minneapolis Fed President Neel Kashkari said interest-rate increases over the past 18 months may be “doing real harm” to the U.S. economy, which would help explain why inflation is low and job growth has slowed. While U.S. unemployment of 4.4 percent last month was only slightly above the 16-year low set the month before, inflation has remained beneath the Fed’s 2 percent target for most of the last five years.

Congressional investigations of Russian meddling in the U.S. election, a potential government shutdown that could result from Congress’ failure to raise the debt ceiling and worries that Hurricane Irma could destroyproperties in Florida are also clouding the U.S. outlook. Those concerns have helped weaken the dollar and boost haven demand for bullion.

The Bloomberg Dollar Spot Index closed on Tuesday at the lowest since January 2015, helping boost gold’s appeal as an alternative investment.

Concerns about U.S. political turmoil are mounting at a time of growing friction between the U.S. and North Korea. South Korean President Moon Jae-in warned Wednesday of an “uncontrollable situation” that could emerge unless North Korea’s provocations are stopped now.

Spot gold has rallied about 17 percent this year, and its 60-day historical volatility has fallen to the lowest since 2005.

To view this article on Bloomberg.