Gold smashed its way above $1,300 an ounce to extend a new year rally. Investors backed the metal with global equities in retreat, signs of a slowdown stacking up, and the oldest of havens showing its mettle as exchange-traded funds draw in increased flows.
Futures advanced as much as 0.4 percent to $1,300.30 an ounce on the Comex, the highest price since June, and were at $1,299.60 at 9:20 a.m. in Singapore. Spot prices were not far behind, hitting as much as $1,298.39. The sustained U.S. government shutdown has also spurred a risk-off mood.