The Financial Post reports in its Thursday edition that gold touched an all-time high as fund buying combined with speculation over a U.S. Federal Reserve pivot and geopolitical and financial risks underpinned its rally. A Bloomberg dispatch to the Post says that bullion hit a fresh record of $2,149.25 Wednesday after Fed chair Jerome Powell reiterated that interest rate cuts are likely later this year. "Speculation over a Fed rates pivot and continued geopolitical tensions keep gold shining," said Ewa Manthey, commodities strategist at ING Groep NV. "We expect gold prices to trade higher this year as safe-haven demand continues to be supportive amid geopolitical uncertainty with ongoing wars and the upcoming U.S. election." Still, bullion has further to go to reach its inflation-adjusted peaks set more than a decade ago. Adjusted for inflation, gold remains below the high of $850 touched in January, 1980, which would be equivalent to more than $3,000 in today's dollars. Gold's rally occurred when bitcoin also surged to a record. While there are arguments that some investors seek safety in both assets, "It's too soon to tell whether bitcoin's a safe haven or not," said Ryan McIntyre at Sprott Asset Management LP.