Gold prices held steady near record highs on Tuesday as investors awaited Federal Reserve minutes and Chairman Jerome Powell’s speech for clues on how much the central bank will cut interest rates this year.

Spot gold rose 0.2% to $2,500.08 an ounce by 02:54 GMT, just below its all-time high of $2,509.65 hit on Friday. US gold futures rose 0.1% to $2,537.70.

“Gold prices remained broadly stable in the Asian session and appear to be taking a breather as buyers attempt to defend their new record high,” said IG market strategist Yeap Jun Rong.

“The overall uptrend in gold remains intact, which from a technical perspective could lead to a price move towards the $2,665 mark.”

Gold prices have risen more than 20% so far this year, amid confidence that the Fed will begin cutting interest rates in September, strong central bank purchases and demand for safe haven assets in the wake of tensions in the Middle East.

The appeal of interest-free precious metals is particularly evident in a low-interest rate environment. The Fed is expected to cut interest rates by 25 basis points at its three remaining meetings in 2024, with a narrow majority of economists in a Reuters poll dismissing recession concerns.

Traders will be closely watching the minutes of the Fed’s July meeting on Wednesday and Chairman Jerome Powell’s speech at the Jackson Hole symposium on Friday for further clues.

The US Dollar fell to a seven-month low in the previous trading session, supporting the dollar-denominated gold price.

Holdings of the SPDR Gold Trust GLD, the world’s largest exchange-traded gold fund, rose to a seven-month high on Monday, totaling 859 tonnes.

Among other metals silver fell 0.8% to $29.25 an ounce. platinum rose 0.6% to USD 958.95 and palladium lost 0.8% to $924.75.