Gold maintained its rally after four consecutive days of gains amid strong demand for US Treasury bonds, which indicates investor confidence that the Federal Reserve will loosen its grip on monetary policy over the next year.
U.S. Treasury bonds climbed on Wednesday, sending yields to levels not seen in several months amid growing expectations that inflation will continue to slow to a level low enough to convince policymakers to start cutting interest rates soon.
Nearly 90% of swap markets expect to cut U.S. interest rates by March. Lower bond yields and interest rates usually give a bullish boost to non-yielding assets such as gold.
The precious metal has risen 14% since the beginning of this year and is on track for its first annual increase in three years. It also hit a record high of $2,135.39 an ounce in early December.
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