Overview

• The metal touched $3,501.59 per ounce in early Asian trading on Tuesday, surpassing April’s $3,500.10 peak.
• Futures markets have increasingly priced a 0.25 percentage-point cut at the Federal Reserve’s Sept. 16–17 meeting.
• Questions over the Fed’s independence intensified as courts weigh President Trump’s bid to remove Governor Lisa Cook.
• A federal appeals court ruling that much of Trump-era tariffs were illegal injected fresh trade-policy uncertainty, analysts said.
• Persistent U.S. inflation reflected in August PCE data and ongoing conflicts in Ukraine and Gaza have reinforced safe-haven demand for gold.