Gold scaled another high on Wednesday, boosted by a softer US dollar and hopes of more interest rate cuts, while investors looked for new signals on the US rate cut trajectory.

Spot gold rose 0.2% to $2,661.53 per ounce, as of 0321 GMT.

Bullion hit an all-time high of $2,670.43 earlier.

US gold futures gained 0.3% to $2,686.10. The dollar eased 0.2%, making greenback-priced bullion less expensive for other currency holders.

China’s latest slew of support measures announced on Tuesday include outsized rate cuts, though it did not specify when the moves will come into effect.

Last week, the US Federal Reserve cut rates by 50 basis points and markets see about 62% chance of another 50 bps cut in November.

After the Fed cut, China’s decision to cut rates has increased another round of liquidity and this could see further demand going into the gold market by China investors, said Kelvin Wong, OANDA’s senior market analyst for Asia Pacific.

The short term bullish trend remains intact with resistance at $2,690 level, followed by another level at $2,710, Wong added. Zero-yield bullion tends to be a preferred investment in a low interest rate environment.

Meanwhile, Michelle Bowman said key measures of inflation remain “uncomfortably above” the Fed’s 2% target, warranting caution as the Fed proceeds with trimming rates.

Gold prices continue upward march

Traders await Fed Chair Jerome Powell’s remarks on Thursday and US inflation data on Friday for further policy cues.

On the geopolitical front, Israeli airstrike in Beirut killed a senior Hezbollah commander on Tuesday, heightening fears of a full-scale war amid increasing cross-border rocket attacks between both sides.

Inflows to gold exchange-traded funds, particularly from Western investors, will rise in the coming months, providing further support for record-high bullion prices, analysts said.

Spot silver fell 0.5% to $31.97 per ounce, platinum edged 0.1% higher to $986.85 and palladium shed 0.6% to $1,050.04.