Gold futures powered higher Tuesday, gathering momentum late in the session to finish at a fresh record as government bond yields headed lower and as the US dollar’s recent rebound receded somewhat, allowing the precious metal to make an assault on a record close above the $2,000 threshold.

The sustained rally in gold has come as governments across the world have flooded their economies with financial aid to combat the COVID-19 pandemic. And investors are betting that the uptrend for the yellow metal continues as the dollar weakens and interest rates remain around 0% in many parts of the world.