Gold price hits record high again, expectation of Fed rate cut weighs on dollar.

Supported by the weakening US dollar, the price of gold climbed to a historical high on Tuesday, with spot gold surpassing the $3,690 mark. The market widely expects the Federal Reserve to cut interest rates at this week's policy meeting. Analyst Kyle Rodda from Capital.com said, "Market sentiment is very optimistic... Market participants are betting on a rate cut before the Federal Open Market Committee decision. The short to medium-term outlook for gold remains strong." He added, "The interest rate curve has already factored in a lot of dovish expectations, and if the Federal Reserve does not support this in its guidance and forecasts, it could lead to a sudden drop in gold prices. If the Federal Reserve meets market expectations, it could become a catalyst for gold to break through the $3,700 mark."