Investors have been piling into gold for several reasons (Photo by Chris McGrath/Getty Images)

A flurry of political drama across several major economies has stoked already existing fears around ballooning sovereign debt to fuel gold’s rise this year, market strategists have said, after the precious metal shot past $4,000 per troy ounce for the first time in its history on Wednesday.

Analysts said the ongoing political impasses in France and the US , and Japan’s new pro-stimulus Prime Minister have carried the price of gold past the milestone, little more than six months on from it breaching $3,000.

“The US government shutdown, ballooning federal debt and US dollar weakness have triggered a renewed flight to safety,” said John Read, senior market strategist at the World Gold Counc

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