02.09.202501:50:52UTC+00Gold Trades Near Record High

Gold prices edged closer to their peak, reaching approximately $3,490 per ounce on Tuesday. This increase is underpinned by heightened expectations of a forthcoming rate cut by the Federal Reserve this month, coupled with a weaker US dollar. The previous week's inflation report in the US bolstered hopes for monetary easing, with market speculation heavily favoring a 90% probability of a 25 basis points reduction at the next Federal Reserve meeting. San Francisco Federal Reserve President Mary Daly also reiterated her support for a rate cut. Looking ahead, investors are keenly anticipating the US nonfarm payrolls report, set to be released later this week, which could affect the magnitude of the expected rate cut by the Fed. Furthermore, the uncertainty surrounding President Donald Trump's tariff policies continues to drive demand for safe-haven assets. A ruling by a US appeals court on Friday declared most of Trump's tariffs illegal, although they are permitted to remain effective until October 14 to allow for further appeals.