Spot gold climbed 1.1% to $3,680.80 an ounce by 1:44 p.m. EDT after briefly touching $3,685.39, an all-time intraday high. Markets are nearly certain the central bank will deliver its first rate cut since December, with the CME FedWatch tool showing odds favoring a 25-basis-point move and some investors holding out hope for a 50-basis-point cut. "Expectations of a 25-basis-point rate cut are largely baked into the cake at this point," said Peter Grant, vice president and senior metals strategist at Zaner Metals. "The price target for gold for 2025 (end) is around $3750 if the interest rate is reduced," he said. "The current price already reflects an interest rate reduction; however, if all things stay equal $3,750 is possible."