Gold dazzles at all-time high as Fed rate cut looms

Gold surged to a record high on Tuesday, buoyed by a weakening US dollar and growing market anticipation ahead of the Federal Reserve's policy meeting, where a 25-basis-point rate cut is widely expected, reports Reuters.

Spot gold rose 0.5% to $3,696.34 per ounce, as of 8:09 a.m. ET (1209 GMT), after hitting a record high of $3,699.37 earlier in the session.

US gold futures for December delivery rose 0.4% to $3,733.70.

The dollar fell to a more than two-month low against rivals. A weaker greenback makes gold less expensive for other currency holders.

"Global growth uncertainty and geopolitical risk continue to keep haven demand high but the gold rally is being driven largely by anticipation of aggressive rate cuts from the Federal Reserve," said Zain Vawda, analyst at MarketPulse by OANDA.