Gold touched a new peak on Wednesday, boosting gains above $3,500 amid growing expectations that the US Federal Reserve will cut interest rates this month and ongoing political and economic risks.

Spot gold rose 0.17% to $3,539.29 per ounce in the latest trades, after reaching an all-time high of $3,547.09 earlier in the session, while US gold futures increased 0.35% to $3,604.90.

Market uncertainty and potential trade tensions increased after the administration of US President Donald Trump said it would ask the Supreme Court for an urgent ruling on tariffs that a US appeals court ruled illegal last week.

Independent analyst Russ Norman said tariff issues and obstacles set by the Supreme Court “will be a critical test for Trump. Regardless of the outcome, gold provides investors a comfortable refuge from market turmoil.”

He added that interest rate cuts “now seem inevitable, but questions are being raised about whether there will be further cuts.”

He continued, “Lower interest rates would stimulate economic activity in the US, as well as weaken the dollar further… providing strong support for gold.”

Trump exerts significant pressure on the Federal Reserve to cut rates and has publicly discussed firing Fed Chair Jerome Powell.

In a sharp escalation, Trump last month attempted to fire Fed board member Lisa Cook, which posed a critical legal test of the Fed’s ability to operate without political interference.

Expectations of rate cuts and concerns about the Fed’s independence have impacted the dollar, which has fallen more than 9% since the start of the year, making gold cheaper for foreign buyers.

Traders currently expect a 92% probability of a 25 basis point rate cut on September 17, according to the FedWatch tool by CME Group.

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

Investors are now looking ahead to the US nonfarm payroll data due on Friday to gauge the size of the expected rate cut.

As for other precious metals, their performance was as follows: