The price of gold rose by 0.22% on Tuesday, hitting a historic high of $3,755 as of 0730GMT Tuesday.
Gold has hovered between $2,536.91 and $3,755 in the last 12 months, gaining 42.8%.
Market expectations for more rate cuts from the Fed have had strong effects on commodity prices, particularly gold.
Following US President Donald Trump’s insistence, the Fed cut its policy rate by 25 basis points last week.
For the Fed’s October and December meetings, markets expect new rate cuts.
Weak inflation figures and increasing unemployment data, as well as Trump, have pushed the Fed to lower the interest rates.
