Gold spot prices hit a record high, driven by expectations of a Fed rate cut and increased safe-haven demand.

Gold hit a new all-time high due to the growing optimism about the US interest rate cut this year and the escalating geopolitical tensions in the Middle East. The price of gold rose 1.4% in the Asian morning session, reaching $2,450.07 per ounce, surpassing the intraday record high set in April. In recent trading days, traders have increased their bets on the earliest possibility of a rate cut by the Federal Reserve in September.