Gold price approaches historical highs on the eve of the Federal Reserve meeting, heading towards its fourth consecutive week of increases.

Due to investors' expectations of a rate cut by the Federal Reserve and inflows into ETFs supported by physical gold, the price of gold is on track for its fourth consecutive week of gains. Gold prices rose by about 1.8% this week, trading near $3650 per ounce after hitting a record on Tuesday. Silver followed gold's trend, surpassing $42 per ounce to reach a new high since 2011. Data released on Thursday showed that the US consumer price index for August met expectations, providing room for Federal Reserve policymakers to lower borrowing costs after a series of weak labor market data.