Gold Continues to Reach Unprecedented Heights

The price of gold continued its record climb on Wednesday, maintaining its position above the crucial $3500 mark. This rise stems from increased investor confidence that the U.S. Federal Reserve is likely to reduce interest rates in September.

In spot trading, gold rose approximately 0.2 percent to reach $3540.64 per ounce by 0054 GMT. Additionally, U.S. gold futures for December delivery increased by 0.4 percent to hit $3607.60.

Currently, traders expect a 92 percent likelihood that the U.S. Federal Reserve will cut interest rates by 25 basis points on September 17, according to the CME’s FedWatch Tool.

In the realm of other precious metals, silver dropped by 0.2 percent in spot trading to $40.81 per ounce. Meanwhile, platinum gained 0.6 percent, reaching $1412.30, and palladium increased by 1 percent to $1145.69.