Gold Surges to Record High Levels

Gold reached a record level on Thursday as investors flocked to the precious metal. This surge is driven by growing expectations of a cut in U.S. interest rates and a declining dollar.

By 0033 GMT, spot gold had risen 0.4% to $4224.79 per ounce after reaching a record $4225.69. U.S. gold futures for December delivery also gained 0.9% to $4239.70.

Gold is considered a safe-haven asset during uncertain times and usually thrives in a low-interest environment. It has increased by 61% since the start of the year.

The dollar index fell by 0.1%, hovering near its lowest level in a week, making dollar-denominated gold cheaper for holders of other currencies.

As for other precious metals, silver in the spot market advanced 0.2% to $53.16 per ounce after hitting a record high of $53.60 on Tuesday. Platinum rose 0.7% to $1665.70, while palladium dropped 0.3% to $1540.36.