Gold futures hit a new all-time high and the U.S. dollar broke down.

December Gold futures reached a new all-time high and posted its second-largest percentage gain in 113 sessions, marking the fourth consecutive new all-time high price. Gold is finding support as the dollar breaks down after a brief bear market rally, prompting investors to seek alternatives outside of the dollar. The rally is supported by ongoing central bank purchases, concerns over the euro's stability, and a significant drop in U.S. 10-Year Treasury yields to their lowest level since April. Weaker US economic data, including a Philly Fed Manufacturing Index reading of -12.8 versus expectations of +8.6, is bolstering rate cut hopes and providing a tailwind for Gold futures.