Gold Hits Record High Amid Rate Cut Expectations

Gold prices have surged past $4,600 per ounce, reaching a record high as investors position for upcoming U.S. inflation data and the Federal Reserve's Jackson Hole symposium.

The rally is fueled by growing expectations that the Federal Reserve will begin cutting interest rates in September, reducing the opportunity cost of holding non-yielding assets like gold.

Persistent central bank buying and strong physical demand from Asia have also provided a solid floor under prices.

Markets are waiting for the release of the Personal Consumption Expenditures (PCE) price index, which could reinforce the case for rate cuts if it shows a cooler-than-expected reading.