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The US 30-year breakeven inflation rate – a gauge of the financial market’s expectations for long-term price pressures – rose to 2% on Monday to hit the highest level in nearly 19 months, having bottomed out below 1% in March. 

The recent rise in inflation expectations could be associated with expectations for additional US fiscal stimulus and hopes of swift global economic recovery on potential coronavirus vaccines and is giving a lift to gold, a traditional inflation hedge. 

The yellow metal is currently trading at $1,863 per ounce, having hit a low of $1,764 on Nov. 30. Prices reached a record high of $2,075 in August.