Original title: Gold Punches Through $3,500 to Hit Record High on Rate-Cut Bets
Gold hit a record high as the prospect of Federal Reserve rate cuts and growing concerns over the central bank’s future gave fresh legs to the multiyear rally in precious metals. Bullion for immediate delivery rose as much as 0.9% to $3,508.73 an ounce — surpassing the previous peak reached in April — before paring some gains during early trading in Asia on Tuesday. The precious metal has gained more than 30% this year, making it one of the best-performing major commodities.