NEW YORK: Gold soared to a record high on Wednesday as expectations for another big rate cut by the US Federal Reserve bolstered bullion’s bull rally, and a softer dollar added to the metal’s appeal.

Spot gold gained 0.4% to $2,667.03 per ounce by 1409 GMT, after hitting an all-time high of $2,670.43 earlier. US gold futures gained 0.6% to $2,691.40.

“I think we are still riding the wave of central bank easing, the likelihood of more to come, I think we’re also adding on to the expectations of a weaker dollar,” said David Meger, director of metals trading at High Ridge Futures.

The US dollar steadied to near 14-month lows against a basket of peers, making gold less expensive for overseas buyers. .

The Fed cut rates by 50 basis points last week, and investors see about 58% chance of another 50 bps cut in November, according to CME FedWatch Tool.

Lower interest rates boost non-yielding gold’s appeal.

Traders await Fed Chair Jerome Powell’s remarks and US inflation data later this week for further policy cues.