Gold punches through $3,500 to hit record high on rate-cut bets

Gold prices surged to a record high of $3,501.59 an ounce in Asian trading, driven by expectations of Federal Reserve rate cuts and anxieties surrounding the central bank's future. The precious metal's rally is further fueled by its safe-haven appeal amidst political and economic uncertainties, including the global trade war initiated by former US President Donald Trump.