Gold hits record high

Gold sailed past $3,500 per ounce to a record high Tuesday, as a weaker dollar and mounting expectations of a Federal Reserve interest rate cut in September boosted the precious metal’s appeal, CNN writes.

The price of gold hit $3,508.50 per ounce. Bullion has gained more than 30% so far this year.

“A corollary of the weaker economic backdrop and expectations of US rate cuts is boosting precious metals,” Capital.com financial market analyst Kyle Rodda said. “Another factor is the festering confidence crisis in dollar assets because of US President Donald Trump’s attack on Fed’s independence.”