Gold prices reached a new record high on Tuesday, helped by growing expectations of more US interest rate cuts. Investors were also waiting for a speech from Federal Reserve Chair Jerome Powell to get more hints about future policy. The price of spot gold went up 1% to $3,784.01 per ounce, after hitting a new record high of $3,790.82 earlier in the day. This optimism was partly due to new Fed Governor Stephen Miran, who called for aggressive rate cuts on Monday. Miran's pro-rate cut stance increases the chances of more cuts, which is a positive sign for gold.