Gold jumps to record high as traders add to bets on Fed rate cut and Trump win

Gold prices hit another record high as market hopes for a Federal Reserve interest rate cut climbed again and again and some traders increased their bets on Donald Trump's re-election as U.S. president. Spot gold at one point hit $2,451.44 an ounce upwards, breaking the previous high set at the end of May. Signs of slowing U.S. inflation have ignited speculation that the Federal Reserve will soon begin cutting interest rates. Investors across markets are also weighing the odds of Trump's return to the White House, as his candidacy is "energized" after the weekend's assassinations and the dismissal of criminal charges.