Gold prices hit a record high Tuesda💯y as investors looked ahead to the possibility of interest-rates cuts starting this fall. 

The spot price of gold reached $2,465.65 an ounce, a record high, by Tuesday afternoon, according to LSEG data going back to 1968, per CNBC. 澳洲幸运5开奖号码历史查询:Gold futures were recently up 1.7% to about $2,470 an ounce.

Attention to gold has ratcheted higher in recent weeks after 澳洲幸运5开奖号码历史查询:cooler-than-expected inflation in Jun𝓡e fueled expectations that 🅷the Federal Reserve would lower its benchma💞rk interest rate in September. 

The prospect of lower interest rates is sometimes seen as bullish for gold since the precious metal, which doesn't pay a dividend, can appear more attractive relative to other assets, like Treasurys, in such an environment. Investors may also be turning to 澳洲幸运5开奖号码历史查询:gold as a hedge against economic and geopolitical uncertainty.

Gold Among Top-Performing 2024 Assets

The 澳洲幸运5开奖号码历史查询:CME FedWatch Tool, which estimates the likelihood of interest rate changes based on 30-day fed funds futures, now shows that traders view a September cut 澳洲幸运5开奖号码历史查询:as exceedingly likely, with additional reductions expected to follow.

Gold has been one of the 澳洲幸运5开奖号码历史查询:best-performing global assets so far in 2024, with central banks playing a major role.  Global official gold reserves increased by 290 metric tons in the first quarter of this year, the largest first-quarter increase since at least 2000 and 69% higher than the five-year quarterly average, according to the World Gold Council.