Gold hit a new record high on Wednesday, supported by expectations of imminent U.S. interest-rate cuts and rising demand for safe-haven assets amid equity and bond market selloffs, according to Bloomberg. Prices climbed as much as 0.4% to $3,546.96 an ounce before easing, extending a 5% gain over the past week. Gold has risen more than a third in 2025, outpacing most commodities, as Fed Chair Jerome Powell signaled openness to rate cuts and a softer labor market reinforced the case for easing. Friday’s U.S. jobs report is expected to show a weakening labor market, bolstering the case for rate cuts that typically support gold prices. Gold and silver have more than doubled in three years as global risks fueled haven demand, while Trump’s attacks on the Fed raised concerns about the central bank’s independence.
