Gold has hit a record high above USD3500 and is just below there as I update.

Cited are expectations for rate cuts ahead from the US Federal Reserve. This should weaken the USD and boost gold.

On that ‘weaken the USD’ though …. the dollar is higher against other FX here in Asia, with JPY a notable under performer.

Reasoning for both gold and the dollar higher include a ‘safe haven’ bid in the face global economic and political uncertainty.