Gold strengthened for a fourth day, as investors pushed back against US President Donald Trump’s tax-cut plan and growing fiscal deficit by driving long-range US Treasury yields to near a two-decade high.

Spot gold was 0.76% higher at $3,340.51 an ounce as of 9:40 a.m. in Singapore.

Bullion edged higher in early Asian trading to about $3,325 an ounce. Haven appetite has been bolstered amid the risk-off mood for stocks, which has also sparked declines in the US dollar.

The precious metal, which hit an all-time high last month and has gained more than a quarter this year, is up almost 4% so far this week. The renewed favor for gold — after its biggest weekly slump since November — shows a shift in investor focus from immediate tariff impacts to long-term, structural concerns about the US economy.

On Wednesday, a lackluster $16 billion auction of 20-year bonds highlighted fears Trump’s tax cuts will add trillions of dollars to already bulging budget deficits at a time when appetite is waning for US assets across the globe.

That’s prompted investors to seek refuge in gold and other traditional havens, such as yen and swiss franc. Meanwhile, the weaker greenback is also supporting the precious metal by making it more affordable for investors using other currencies.