Gold Hits All-Time High Amid Rate Cut Expectations

Silver prices breached the $40 per ounce level for the first time since 2011.

A worker polishes gold bullion bars at the ABC Refinery in Sydney on Aug. 5, 2020. David Gray/AFP via Getty Images

Gold prices hit an all-time high on Sept. 2 amid expectations of an interest rate cut and growing uncertainty related to tariffs.

Spot gold hit a new high of around $3,508 per ounce in early trading on Sept. 2, breaking the previous high of roughly $3,500 set on April 22. The precious metal was trading at $3,484 as of 6:45 a.m. EDT, up by 0.22 percent from the previous day.