Gold price notches new record on inflation data boost

Gold edged higher on Tuesday for another record as markets firmed up bets on US interest rate cuts after the release of new inflation data.

Spot gold traded 0.3% higher to hit a new peak of $4,633.86 per ounce, taking its gains this year to 6%, while US gold futures steadied at $4,612.10 per ounce. On Monday, it broke through the $4,600-an-ounce milestone for the first time. That rally was ignited by uncertainty surrounding the US Federal Reserve amid renewed threats by the Trump administration.