Gold prices continued their record rise on Wednesday, holding above the key $3500 level, while futures soared above $3600 amid increasing investor confidence that the Federal Reserve will cut interest rates in September.

Spot gold rose about 0.2% to reach $3540.64 per ounce. December gold futures climbed 0.4% to $3607.60.

Traders currently assign a 92% probability that the Fed will cut rates by 25 basis points on September 17, according to the CME FedWatch Tool.

Gold, which yields no interest, typically benefits in a low interest rate environment.

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 1.32% to 990.56 tons on Tuesday, the highest level since August 2022.

U.S. President Donald Trump said on Tuesday that Washington needs a “very serious” rate cut.

Trump has criticized the Fed and its chairman Jerome Powell for months for not cutting rates, and recently criticized Powell over the costly renovation of the Fed’s Washington headquarters.

Investors are now awaiting U.S. nonfarm payroll data due on Friday to gauge the expected size of the rate cut.

Nonfarm payrolls for August are expected to have grown by 78,000 jobs, according to a Reuters poll, compared to 73,000 in July.

Adding to market uncertainty and potential trade tensions, the Trump administration said it will ask the Supreme Court for an expedited ruling on tariffs that a U.S. appeals court ruled illegal last week.

Other precious metals saw mixed moves: spot silver fell 0.2% to $40.81 per ounce, platinum rose 0.6% to $1412.30, and palladium gained 1% to $1145.69. (Reuters)