Gold resumed its rally above $1,400 an ounce on a cocktail of positive drivers, with weak data feeding expectations for fresh easing from central banks, Treasury yields hitting a two-year low, and the U.S. president seeking to reshape the Federal Reserve board with two picks seen as doves.

Spot gold climbed as much as 1.4% to $1,437.88 an ounce, and was at $1,425.61 at 6:29 a.m. in London. Prices surged 2.5% on Tuesday, the most since June 2016. Last week, bullion hit $1,439.21, the highest level since 2013.

Bullion extended the biggest one-day gain in three years as concern over slowing growth ticked up, and investors will focus next on data for U.S. private hiring, factory orders and the services sector, which come on Wednesday. The jobs report for June on Friday will also be key in providing signals on the possible timing and scale of looser monetary policy by the Fed.

Source : Bloomberg