- Gold prices continued their record-breaking rise in Asian market trading on Wednesday, driven by ongoing optimism regarding U.S. interest rate cuts, which weakened the dollar. Traders are also awaiting further signals on the U.S. economy in the coming days.

- Recent declines in the dollar have generally supported metal prices, with the dollar falling to its lowest level in 14 months after the Federal Reserve cut interest rates last week. The central bank also announced the start of an easing cycle that is expected to bring further rate cuts in the coming months.

- Spot gold rose by 0.3%, reaching a record high of $2,670.52 per ounce, while December gold futures peaked at $2,694.75 per ounce.

- The expectation of lower interest rates has been a key support point for gold, as traders have factored in a lower opportunity cost for investing in non-yielding assets.

- Several Federal Reserve speakers are expected to provide more signals on interest rates this week, especially Fed Chair Jerome Powell's speech on Thursday.

- The Personal Consumption Expenditures (PCE) price index data, the Fed’s preferred inflation gauge, is due on Friday and is also expected to influence the central bank’s plans for interest rates.

- Citi analysts said the Federal Reserve may lower interest rates by a total of 125 basis points following last week's 50 basis point cut. Goldman Sachs expects 25 basis point cuts at every meeting from November through June 2025.

- The prospect of interest rate cuts weakened the dollar, allowing gains for precious metals. Gold has also seen safe-haven demand amid rising tensions in the Middle East.

- Meanwhile, other precious metals declined slightly on Wednesday but maintained strong gains in recent sessions. Platinum futures fell by 0.1% to $988.80 per ounce, while silver futures dropped by 0.5% to $32.267 per ounce.

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