Gold tops $4 000 high as US concerns grow

Spot gold smashed through $4 000 (R68 783) an ounce for the first time, as concerns over the US economy and a government shutdown added fresh momentum to a scorching rally.

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It's a milestone for bullion, which traded below $2 000 just two years ago, with returns that now outstrip those for equities this century. Gold has jumped more than 50% this year in the face of uncertainties over global trade, the Federal Reserve's independence and US 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.