Gold prices continued their record rise early Wednesday trading, holding above the key $3,500 level amid growing investor confidence that the Federal Reserve will cut interest rates in September.

Spot gold rose about 0.2% to reach $3,540.64 per ounce by 00:54 GMT. U.S. December gold futures increased by 0.4% to $3,607.60, according to Reuters data.

Traders currently assign a 92% probability that the U.S. central bank will cut interest rates by 25 basis points on September 17, according to the CME FedWatch tool.