Gold prices surged to new record highs on Tuesday, exceeding $2,460 per ounce, driven by investor confidence in a potential interest rate cut by the Federal Reserve in September. Fed Chair Jerome Powell's positive comments on inflation and willingness to lower rates if necessary further fueled this speculation. Market expectations for a rate cut are high, with a 93.3% probability of a 25-basis-point cut. This optimism also led to a drop in Treasury yields and a rally in gold mining stocks, with the VanEck Gold Miners ETF reaching its highest level in over two years. Analysts at Bank of America foresee strong earnings for gold mining companies and anticipate increased focus on capital allocation strategies. Tuesday's top performers in the gold mining sector included Harmony Gold Mining, DRDGOLD, and First Majestic Silver Corp.