Gold prices rose on Thursday, hovering near record highs, as heightened expectations of further U.S. interest rate cuts this year and political uncertainty on account of a contentious U.S. government shutdown drove demand for the metal. Spot gold was up 0.3% at $3,877.70 per ounce by 1011 GMT, down from Wednesday's all-time high of $3,895.09. Gold, viewed as a safe-haven asset during times of political and economic uncertainty, thrives in a low-interest-rate environment. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.59% from Tuesday to 1,018.89 metric tons on Wednesday, their highest since July 2022. Elsewhere, spot silver rose 0.3% to $47.45 per ounce, platinum climbed 1.5% to $1,579.55 and palladium gained 1.6% to $1,264.31.