Gold extends record rally on dollar weakness, rate-cut bets

Gold prices extended their record run on Tuesday, holding firm above the key $2,500 level, driven by a weaker dollar and growing investor confidence that the Federal Reserve will likely cut interest rates in September.

Spot gold rose 0.1% to $2,507.45 per ounce by 11:22 a.m. ET [1522 GMT], after hitting an all-time high of $2,531.60 earlier in the session.