Gold reached a new record on September 16, supported by a softer dollar ahead of the US Federal Reserve’s policy meeting, where interest rates are expected to be cut, Reuters reports.
Spot gold rose 0.2% to $3,685.02 an ounce by 0632 GMT, after touching a record $3,689.27 earlier in the session. US gold futures for December delivery edged 0.1% higher to $3,722.70.
«The sentiment is very bullish… markets are buying into rate cuts ahead of this FOMC decision. The outlook remains strong for gold in the short to medium term,» said Capital.com analyst Kyle Rodda.