Gold Prices Reach New Record Ahead of Fed Decision

Gold prices jumped to new record highs on Tuesday as investors waited for a big decision from the US Federal Reserve. Many believe the Fed will cut interest rates this week, which usually makes gold more attractive to buy.

Spot gold went up 0.5% to $3,689.67 per ounce. Earlier in the day, it touched a record high of $3,702.95 per ounce.

This rise comes as markets expect the Fed to lower rates by 25 basis points during its September 16–17 meeting. If confirmed, it would be the first rate cut since December 2024.

Experts say lower interest rates often push investors toward safe-haven assets like gold, helping prices climb