Falling bond yields, fear over the US debt ceiling and an end to the US Federal Reserve’s interest rate tightening cycle have created a “near enough perfect backdrop” for the gold price to forge a record high, according to analysts at Macquarie.

Gold’s melt-up in 2023, which saw the price jump around 10 per cent, was also stoked by the US regional banking crisis that prompted Macquarie to argue the case for the safe-haven asset to test $US2075 an ounce. That was reached at the peak of the pandemic in August 2020 when central banks printed money to fund emergency spending programs.