Gold futures rallied above $1,500 an ounce on sustained demand for the traditional haven as the U.S.-China trade war festers, global growth slows and central banks around the world ease monetary policy.

The metal advanced as much as 1.3% to $1,503.30 an ounce on the Comex, the highest since 2013. The move extends this year’s climb to 17%, with gains underpinned by inflows into exchange-traded funds. Central banks in India and New Zealand both surprised markets on Wednesday with bigger-than-expected interest rate cuts, boosting speculation others will follow. Silver surged.

Futures traded at $1,497.80 an ounce at 7:55 a.m. in London, gaining for a fourth day. Miners’ shares climbed in Sydney, with Newcrest Mining Ltd.jumping as much as 4.4% while Evolution Mining Ltd. added as much as 7%.

Source : Bloomberg