Gold extended its bull run to a fresh record ahead of the next set of US inflation data that could provide insight into the Federal Reserve’s next steps.

Bullion jumped as much as 1.1% to $2,365.35 an ounce as Treasury yields slipped. Economists surveyed by Bloomberg expect Wednesday’s release of March inflation numbers may show some signs of easing, a scenario that would give the Fed more flexibility in cutting rates. That’s important for gold because it doesn’t pay interest and therefore tends to be more attractive when rates are lower.

Gold is up more than 18% since mid-February, a move that has left some onlookers puzzled because of the lack of any obvious trigger - especially given traders’ conviction on three quarter-point rate cuts is fast fading, with markets now favoring two reductions.

Still, heightened geopolitical risks in the Middle East and Ukraine, plus buying by central banks, led by China, have added some bullish momentum for the precious metal.

Gold is enjoying “strong underlying momentum with the buy-on-dip still the prevailing strategy among traders,” said Ole Hansen, commodity strategist at Saxo Bank A/S. With so many bullish tailwinds, he said the metal “is in desperate need for consolidation, but FOMO is on clear display currently.”

Spot gold rose 0.6% to $2,352.83 an ounce at 10:58 a.m. in New York. The Bloomberg Dollar Spot Index was little changed, while silver, platinum and palladium all rose.