Golden Finance reported that as the comments of Federal Reserve officials consolidated people's expectations of a US interest rate cut in September, investors flocked to gold as a safe-haven asset, and spot gold hit a record high. Bart Melek, head of commodity strategy at TD Securities, said: "Now the possibility of the Federal Reserve cutting interest rates in September has reached 100%, and the remarks of Federal Reserve Chairman Powell yesterday are driving the gold market up." Phillip Streible, chief investment strategist at Blue Line Futures, also said, "We will see two interest rate cuts (this year), one in September and one in December, because the expectation of a September rate cut has risen to 100%."