Spot gold hit record highs as investors flocked to the safe-haven asset as comments from Federal Reserve officials cemented expectations of a September rate cut. Bart Melek, head of commodity strategy at TD Securities, said: "There is now a 100 per cent chance that the Fed will cut rates in September, and yesterday's comments from Fed Chairperson Jerome Powell are driving the gold market higher." Phillip Stredible, chief investment strategist at Blue Line Futures, also said: "We will see two rate cuts [this year], one in September and one in December, as expectations for a September rate cut have risen to 100 per cent."