(Bloomberg) — Money managers’ bullish wagers on gold jumped to the highest in more than four years on expectations for earlier, deeper monetary easing by the Federal Reserve to bolster the economy.

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Hedge funds and other large speculators boosted net-long positions by 7.8% to 236,749 as of Aug. 20, the highest since early 2020, weekly US government data showed on Friday.

The precious metal reached an all-time high of $2,531.75 an ounce on Tuesday after topping $2,500 for the first time this month amid mounting expectations that the Fed is edging closer to lowering rates. Lower rates typically are a boon to non-interest bearing bullion.

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