Gold extended a six-day rally to print a fresh all-time high, as the prospect of US interest-rate cuts boosted the metal’s appeal and traders sought safety following a selloff in equity and bond markets.
Bullion for immediate delivery rose as much as 0.4% to hit 3,546.96 an ounce as markets opened in Asia on Wednesday, narrowly higher than Tuesday’s record. Prices have advanced 5% over the past six sessions, underpinned by increased haven demand amid renewed concerns over the Federal Reserve’s future and budget concerns in developed-world countries.