New york: Gold prices rose on Wednesday, hovering near record highs, as expectations of further interest rate cuts persist despite cautious comments from Federal Reserve Chairman Jerome Powell. Spot gold rose 0.3% to $3,776.29 per ounce by 06:09 GMT on Wednesday. Contracts rose yesterday to a record high of $3,790.82 per ounce. According to Yemen News Agency, the persistent expectation of interest rate cuts is a significant factor contributing to the rise in gold prices. Despite the cautious remarks from Chairman Powell, market analysts believe that the potential for rate cuts remains, which continues to drive investor interest in gold as a hedge against economic uncertainty. The recent movements in gold prices reflect ongoing market dynamics, where economic signals from major financial institutions heavily influence commodity prices. The close proximity to the all-time high indicates robust demand for gold, as investors seek stability amidst fluctuating economic policies and market conditions.