Notwithstanding the significant velocity of Gold’s recent gains, the case for further patient advance with each passing day looks intact.

Gold touched an all-time high as fund buying combined with speculation over a US Federal Reserve pivot and geopolitical and financial risks underpinned a rally. Swap markets now suggest a 64% chance of a US Federal Reserve rate cut in June, a higher probability than early last month.

A weaker US Dollar and lower treasury yields, along with ongoing geopolitical uncertainty, have been gradually pushing up Gold prices since mid-February. 

Macro funds, which hadn’t been active in the Gold market until recently, were a new force of buying in Gold’s rally. The latest data showed hedge fund and money managers boosted their net bullish gold bets as of the end of February.