Gold prices climbed to fresh record highs in Asian trading on Tuesday, briefly hitting $3,689.3 per ounce before easing slightly to $3,681.2, up 0.1%. U.S. gold futures held steady at $3,718.2. The metal surged 1% in the previous session, breaking last week’s record.
Investors widely expect the Federal Reserve to cut interest rates by 25 basis points at its September 16–17 meeting, marking the first reduction since December 2024. The weaker dollar further supported demand for gold and silver. Political developments in Washington also added safe-haven appeal: Trump ally Stephen Miran was confirmed to the Fed board, while a court blocked Trump’s attempt to remove Governor Lisa Cook, raising concerns over the central bank’s independence.
Elsewhere in commodities, copper prices retreated after hitting a 15-month high, as traders digested progress in U.S.-China trade talks. Negotiators in Madrid reportedly reached a framework agreement over TikTok’s U.S. operations, with President Trump and President Xi expected to finalize details later this week.
