Gold tops $3,600 to hit fresh record

Gold futures rise to a new record, driven by bets the US Federal Reserve will cut interest rates this month

Gold futures climbed to a new record on Wednesday, driven by bets the US Federal Reserve will cut interest rates this month.

December delivery gold futures rose 0.25%, or $9.8, to $3,602 an ounce after hitting $3,616.9 earlier, the highest intraday level on record for the most active contract.

Spot gold held steady at $3,533.81 an ounce at 08:19 a.m. Mecca time.

The dollar index, which tracks the US currency against six major peers, was flat at 98.43.

December silver futures steadied at $41.6 an ounce, while spot platinum slipped 0.55% to $1,403.69 and spot palladium edged 0.1% lower to $1,142.42.

Bullion drew support from market uncertainty and potential trade tensions after the administration of US President Donald Trump said it would seek an urgent Supreme Court ruling on tariffs that an appeals court ruled unlawful last week.

According to CME’s FedWatch tool, expectations of a 25-basis-point rate cut at the Fed’s Sept. 16-17 meeting rose to 89.6% from 80.3% a month earlier.