Gold prices continued their record rise today, holding above the $3500 level amid growing investor confidence that the Federal Reserve (the US central bank) will cut interest rates later this September.

Spot gold rose about 0.2% to reach $3540.64 per ounce, while US December futures for gold increased 0.4% to $3607.60.

Yesterday, spot gold rose 0.3% to $3487.55 per ounce after peaking earlier in the session at $3508.50, achieving a 32% gain year-to-date. December futures also climbed 1.2% to $3557.80.

Kyle Rodda, a financial markets analyst at Capital.com, noted that deteriorating economic conditions and expectations of US rate cuts boost the appeal of precious metals. He added that the confidence crisis in dollar-denominated assets, triggered by President Donald Trump’s attack on the Federal Reserve’s independence, plays an additional role.

Trump had criticized Federal Reserve Chair Jerome Powell for delaying rate cuts and also attacked costly renovations at the central bank’s Washington headquarters.

Meanwhile, Treasury Secretary Scott Bessent defended the Federal Reserve’s independence but acknowledged mistakes made, supporting Trump’s right to dismiss Federal Reserve Board member Lisa Cook over mortgage fraud allegations.

Regarding other precious metals, spot silver fell 0.2% to $40.81 per ounce, platinum rose 0.6% to $1412.30, and palladium increased 1% to $1145.69.