▸ Global gov­ern­ment bonds lose ground after four-week rally

▸ Gold prices move higher to near a recent record peak

▸ Dol­lar bucks two days of selling to register gains on index against rivals

Global bond mar­kets lost some ground yes­ter­day after a rally driven by grow­ing expect­a­tions of US interest rate cuts.

A fall in price for 10-year Treas­ury bonds — the bench­mark for global asset prices — pushed its yield up 6 basis points to 4.07 per cent as traders sold the debt.

That is still down from a peak just below 4.50 per cent in July after a four­week rally for US gov­ern­ment bonds.

Yields on 10-year UK gilts rose 5bp to 4.67 per cent while those on Ger­many's bench­mark Bunds were up 6bp to 2.71 per cent.

Pooja Kumra, a rates strategist at TD Secur­it­ies, said the moves reflec­ted some “profit-tak­ing” among bond investors ahead of next week's meet­ing of the US Fed­eral Reserve when the cent­ral bank is widely expec­ted to make a quarter-point cut to its bench­mark policy rate.