New york: Gold sailed past $3,500 per ounce to a record high on Tuesday, as a weaker dollar and mounting expectations of a U.S. Federal Reserve interest rate cut in September boosted the precious metal's appeal.
According to Bahrain News Agency, spot gold rose 0.6% to $3,496 per ounce, as of 0457 GMT, after hitting a record high of $3,508.50 earlier in the session. Bullion has gained 33% so far this year, underscoring its growing attractiveness as a safe-haven investment amid economic uncertainties.
U.S. gold futures for December delivery saw a significant increase, gaining 1.4% to $3,565.50. The rally in gold prices has been accompanied by movements in other precious metals as well. Spot silver gained 0.3% to $40.79 per ounce, after hitting its highest since September 2011 in the previous session.
In the broader precious metals market, platinum gained 1.2% to $1,416.86, while palladium experienced a decline of 0.6%, settling at $1,130.45. The fluctuations in these metals reflect the broader market dynamics influenced by economic indicators and investor sentiment.