Gold has jumped sharply to around $4,600 an ounce, a win for gold holders and a sign that investors expect cheaper money ahead.

• The US Treasury said it will buy back more of its own bonds, which pushed bond yields down and weakened the dollar.
• Lower yields make gold cheaper to hold, so money is flowing into gold and gold funds, which are up more than 10%.
• Markets are betting the Fed will hold off on raising rates and lean easier, adding more fuel to the rally.
• Growing US government debt and deficits keep gold attractive as protection against inflation and a shaky money system.
• Central banks around the world are still buying gold, which underpins the longer-term trend.

Outlook: The trend still looks positive, but the fast run-up invites some selling as traders cash in profits.