Ammon News - Gold sailed past $3,500 per ounce to a record high on Tuesday, as a weaker dollar and mounting expectations of a U.S. Federal Reserve interest rate cut in September boosted the precious metal's appeal.

Spot gold rose 0.6% to $3,496 per ounce, as of 0457 GMT, after hitting a record high of $3,508.50 earlier in the session. Bullion has gained 33% so far this year.

U.S. gold futures for December delivery gained 1.4% to $3,565.50.

Rate-cut expectations and worries over the Fed's independence have weighed on the U.S. dollar, which is languishing near a more than one-month low against its rivals, making gold less expensive for overseas buyers.

Spot gold prices rose 27% in 2024, and broke the $3,000 per ounce level for the first time in March this year as uncertainty around Trump's trade policies sent investors flocking to the safe-haven asset.

'Oil prices are facing an uphill struggle as bullish bets drop to an 18-year low.

Spot silver gained 0.3% to $40.79 per ounce, after hitting its highest since September 2011 in the previous session.

Platinum gained 1.2% to $1,416.86 and palladium fell 0.6% to $1,130.45.

Reuters