AsianFin -- Gold extended its record-breaking rally on Tuesday, fueled by growing expectations of aggressive Federal Reserve interest-rate cuts this year.

Bullion rose as much as 0.6% to a new all-time high of more than $3,659 an ounce, surpassing Monday’s peak. The metal has advanced 2.5% over the past two sessions, boosted by weaker-than-expected U.S. payrolls data on Friday that strengthened bets on at least two rate reductions in 2025, including a quarter-point move as soon as next week’s Fed meeting.

Gold, which offers no yield, typically gains appeal in a lower-rate environment as the opportunity cost of holding it declines.