Gold Soars to Record $2,460 on Fed Rate Cut Hopes

Gold prices surged to a record high above $2,460 an ounce, driven by expectations of a September interest rate cut by the Federal Reserve and a weakening dollar. Investor interest in gold has increased following softer inflation data and dovish comments from Fed Chair Jerome Powell. Central bank demand for gold has also spiked due to geopolitical risks and concerns over USD- and EUR-denominated assets. Gold mining stocks saw gains, with the VanEck Gold Miners ETF rising 3%.