Gold prices surged to a record high on Tuesday, reaching $2,471.1 in futures trading and $2,465.95 in spot trading. The increase was driven by growing expectations of a September interest rate cut, which boosted demand for the precious metal. Factors contributing to the rise in gold prices include softer inflation data in June, dovish comments from Federal Reserve Chair Jerome Powell, and a weakening U.S. dollar. Central banks around the world have also been increasing their gold reserves, leading to a spike in demand. Analysts predict continued bullish sentiment towards gold, with UBS strategist Joni Teves noting that there is room for investors to build exposure as the market remains above the psychological $2400 level. Gold mining stocks also saw gains, with the VanEck Gold Miners ETF increasing by 3% and individual mining company shares rising significantly.