Gold prices hit record highs as Fed rate cut bets rise, with silver briefly jumping more than 3%.

Gold prices hit a record high on Monday as slowing inflation in the United States boosted expectations of a possible interest rate cut by the Federal Reserve. Silver also jumped more than 3% to its highest level in over 11 years. ② Spot gold is currently up 1% to $2437.79 per ounce, earlier in the session it reached a record high of $2449.88. Last week’s data showed signs of cooling inflation, and traders currently estimate a 65% chance of a US interest rate cut in September. The US dollar index remains weak, making gold priced in US dollars more attractive to buyers holding other currencies. The financial market analyst Kyle Rodda from Capital.com said that the weakening of the US dollar and the expectation of a possible rate cut by the Federal Reserve have supported the gold price. The minutes of the latest Federal Reserve policy meeting scheduled to be released on Wednesday, as well as speeches by several Federal Reserve officials, will be the focus of investors this week. Silver spot is currently up 1.3% to $31.78 per ounce, previously rising as much as 3.47% to a new 11-year high of $32.49 per ounce. ANZ analysts wrote in a report, “Compared to gold, silver is relatively cheaper and has strong fundamentals, which has sparked investor interest. With the increase in inflow of exchange-traded funds (ETFs), platinum is trading at a premium to palladium.”