Gold jumps to record highs as traders up the ante bet on Fed rate cuts and Trump victory

Gold prices hit another all-time high on July 16, as hopes for a cut in interest rates from the Federal Reserve continued to rise and some traders increased their bets on Trump's re-election as US president. Spot gold briefly hit $2451.44 an ounce, breaking the previous high set at the end of May. Signs of slowing US inflation have fueled speculation that the Federal Reserve will soon start cutting interest rates. Investors in various markets are also weighing the probability of Trump returning to the White House, as his election is "in full swing" after the weekend's assassination and the dismissal of criminal charges.