A worker polishes gold bullion bars at the ABC Refinery in Sydney on August 5, 2020. Photo by DAVID GRAY/AFP via Getty Images

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

It’s a milestone for bullion, which traded below US$2,000 just two years ago, with returns that now well outstrip those for equities this century. Gold has jumped more than 54 per cent this year in the face of uncertainties over global trade, the United States Federal Reserve ’s independence and U.S. fiscal stability.

Heightened geopolitical tensions have also boosted demand for haven assets this year, while central banks have continued to buy the precious metal at an elevated pace.

The rall

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