Gold notched a fresh all-time high, as investor demand soared across the broader metals complex amid increasing optimism the US will cut rates this year.

Bullion jumped as much as 1.1% to hit $2 440.59 an ounce in early Asian hours, surpassing a previous intraday record reached in April. Traders have boosted bets in recent sessions that the Federal Reserve could reduce borrowing costs as early as September.