Gold rose for a sixth-straight session early on Tuesday, pushing to a fresh record as the dollar dipped and investors continue to move to the precious metal ahead of expected interest-rate cuts coming from central banks in the United States and elsewhere. Gold for June delivery was last seen up US$20.60 to US$2.277.70 per ounce,

The precious metal pushed above the US$2,200 mark last week and is looking to push above the US$2,300 mark for the first time as the Federal Reserve is expected to begin lowering interest rates from 23-year highs this year, signaling 75 basis points of cuts this year and further cuts in 2025. Lower interest rates ease the carrying cost of owning gold.

“Gold’s strong run towards our (US$)2300 target continues with underlying demand and technical momentum being strong enough to offset the normal negative impact of dollar and yield strength,” Saxo Bank noted.

A lower dollar following five days of gains helped push prices higher, making the metal more affordable for international buyers. The ICE dollar index was last seen down 0.14 points to 104.89.

Treasury yields rose, bearish for gold since it offers no interest. The US two-year note was last seen paying 4.73%, up 1.7 basis points, while the yield on the 10-year note was up 7.1 basis points to 4.391%.