Gold prices hit a new all-time high, and the market is almost fully convinced of a rate cut in the U.S. in September

ChainCatcher news, according to Jinshi Data reports, influenced by expectations of a rate cut in the U.S. and a weak dollar, gold prices hit a historic high on Tuesday, with spot gold reaching a maximum of $3508.70 per ounce, rising over 0.7% during the day.

According to the CME FedWatch Tool, traders currently expect a 90% chance that the Federal Reserve will cut rates by 25 basis points at its policy meeting in September.

For months, Trump has criticized the Federal Reserve and its chairman Powell for not lowering interest rates, and investors are now looking forward to the U.S. non-farm payroll data to be released on Friday to determine the extent of the potential rate cut by the Federal Reserve later this month.