Gold prices hit a new record high again as hopes for a rate cut by the Federal Reserve rose and some traders increased bets on Trump's re-election as US president, according to Jinshi Data. Spot gold once hit $2,451.44 per ounce, breaking the previous high in late May. Signs of slowing inflation in the United States have sparked speculation that the Federal Reserve will soon begin to cut interest rates. Investors are also weighing the probability of Trump returning to the White House, as his election campaign is "in the air" after the assassination and the dismissal of criminal charges over the weekend.