Ammon News - Gold prices steadied on Tuesday after reaching a record high, underpinned by expectations of more U.S. rate cuts and a weaker dollar, as investors awaited Federal Reserve Chair Jerome Powell's speech for further policy cues.

Spot gold held its ground at $3,744.68 per ounce as of 0412 GMT, after hitting a record high of $3,759.02 earlier in the session.

U.S. gold futures for December delivery rose 0.1% to $3,779.40.

The U.S. dollar index extended its losses from the previous session, making greenback-priced gold cheaper for overseas buyers.

"I think it's predominantly a factor of monetary policy expectations, potentially lower interest rates, and upside risks to inflation," said Capital.com analyst Kyle Rodda.

According to the CME FedWatch tool, investors see a 90% probability of a 25-basis-point rate cut in October and a 75% chance of another one in December.

Spot silver fell 0.5% to $43.84 per ounce, hovering near a 14-year high. Platinum was down 0.2% to $1,413.80 and palladium inched lower 0.5% to $1,173.18.

Reuters