Gold Advances as ‘There’s Fear Spreading Across All Markets’

Gold climbed as investors sought a haven from a rout in financial and commodity markets, which plunged on concern that global economic growth is stalling as governments in the U.S. and Europe remain constrained by debt.

Bullion for immediate delivery gained as much as 1 percent to $1,663.65 an ounce, and traded at $1,656.38 at 2:58 p.m. in Singapore. Gold, which touched a record $1,681.72 yesterday, is up 1.8 percent this week, set for the longest run of weekly advances since the five weeks to March 4.