Spot gold prices climbed above $4,000 an ounce for the first time, as concerns over the US economy and a government shutdown added fresh momentum to a scorching rally.

Bullion climbed as much as 0.4 per cent to $4,001.11 an ounce on Wednesday. It’s a milestone moment for the metal that traded below $2,000 just two years ago, with returns that now well outstrip those for equities this century.

Gold has jumped more than 50 per cent this year in the face of uncertainties over global trade, the Federal Reserve’s independence and fiscal stability in the US. At the same time, geopolitical tensions have boosted demand for haven assets, while central banks have continued to buy gold at an elevated pace.

The price surge has taken on extra urgency as investors seek protection from potential mar

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