Gold Prices Soar to Record Highs

The value of gold surged to a new peak on Tuesday, bolstered by the weakening of the dollar and declining bond yields. This development has heightened the anticipation of an interest rate cut by the Federal Reserve this month, driving up the demand for the precious metal.

By 0249 GMT, spot gold increased by 0.4 percent to reach $3651.38 per ounce. Meanwhile, U.S. gold futures for December delivery climbed by 0.4 percent to $3690.90.

Other precious metals also saw gains. Silver in spot transactions rose by 0.1 percent to $41.36 per ounce. Platinum increased by 1 percent, hitting $1396.42, and palladium ascended by 1.4 percent to $1149.47.

This uptrend in precious metals highlights the favorable environment created by economic conditions and market speculation surrounding upcoming monetary policy decisions.