Gold prices climbed to a fresh record above $4,480 per ounce on Tuesday, marking the 50th record-breaking session this year, driven by expectations of looser US monetary policy and mounting geopolitical tensions. Markets are currently pricing in two quarter-point rate cuts by the Federal Reserve next year, amid signs of easing inflation and a cooling labor market. Investor attention is now turning to the second estimate of third-quarter GDP, due later today, which could provide further insight into the health of the US economy and the likely path of Fed policy. Safe-haven demand has also been supported by rising tensions between the US and Venezuela, as Washington intensified its naval blockade of the region with the seizure of a second oil tanker on Saturday and the active pursuit of a third. So far this year, bullion has soared 70%, on track for its strongest annual gain since 1979. The rally has also been underpinned by robust central bank purchases and sustained ETF inflows.
