Gold surged to fresh record highs in Asian trading on Tuesday, nearing $3,700 per ounce as investors doubled down on expectations that the US Federal Reserve will cut interest rates later this week.
Spot gold traded at $3,692.68 per ounce by 09:30 GMT after touching an all-time high of $3,697.05 earlier in the session. US gold futures for December delivery rose to $3,726.70.
Markets are pricing in a near-certain 25-basis-point cut when the Fed concludes its September 16–17 meeting, with some traders leaving room for a larger 50-point move. President Donald Trump added pressure on Monday, urging Fed Chair Jerome Powell to deliver a “bigger” cut.
A weaker dollar, which slipped to one-week lows, gave bullion further support.
Political developments also bolstered safe-haven demand. The Senate confirmed Trump adviser Stephen Miran to the Fed Board, raising investor concerns that the central bank could come under stronger White House influence. Meanwhile, a US appeals court blocked Trump’s attempt to fire Governor Lisa Cook, setting up a Supreme Court battle that threatens to overshadow this week’s policy meeting.
Gold has gained nearly 40% so far this year and traders see little to halt its momentum, with some forecasting $4,000 per ounce in 2026.