Gold updated its historical maximum, exceeding $3,735 per ounce

On Tuesday, gold quotes on Comex updated the record again: December futures rose by 0.4%, reaching $3735.5 per troy ounce. Since the beginning of the year, the metal has already gained 35% in price.

The growth is supported by expectations of a Fed rate cut at the September 17 meeting – the market estimates the probability of a 25 bps cut at 96%, while the chances of a more aggressive move of 50 bps remain minimal.

Against the background of the weakening dollar, ICE DXY (an index showing the dynamics of the dollar relative to six currencies: euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona) fell by 0.3%, which additionally stimulates demand for gold from investors holding other currencies.