Gold extends rally to fresh record highs

Gold bars

Gold prices climbed further on Tuesday, hitting another all-time high as expectations grew that the US Federal Reserve will cut interest rates at its September meeting.

December gold futures rose 0.45%, or $16.7, to $3,694.1 an ounce at 08:14 a.m. Mecca time. Spot prices jumped 0.56%, or $20.2, to $3,656.18 an ounce, marking a fresh record after surging about 2.5% over the previous two sessions on the back of weak US jobs data.

The data reinforced bets that the Fed will deliver three rate cuts this year, including a quarter-point reduction at its meeting later this month.

December silver futures added 0.29% to $42.03 an ounce, while spot platinum rose 0.79% to $1,397.7.

Meanwhile, the US dollar index, which tracks the greenback against a basket of six major peers, slipped 0.14% to 97.32.