PRECIOUS-Gold hits fresh record high as investors eye further rate cuts

By Noel John

Sept 22 (Reuters) - Gold soared to an all-time high on Monday, fueled by growing expectations of further U.S. rate cuts and persistent safe-haven demand amid political uncertainty.

Investors are closely watching upcoming Federal Reserve speeches and key inflation data for fresh policy signals.

Spot gold XAU= rose 1.4% to a fresh record high of $3,735.40 per ounce, as of 11:51 a.m. ET (1551 GMT). U.S. gold futures GCcv1 for December delivery climbed 1.7% to $3,768.70.

"There's a continued flow of safe haven demand amid geopolitical matters that are still kind of wobbly, including the Russia-Ukraine war. Last week's Fed interest rate cut and probably more Fed rate cuts coming by the end of the year," are also supporting prices, said Jim Wyckoff, senior analyst at Kitco Metals.

Russia's defence ministry said on Monday its forces had taken control of the settlement of Kalynivske, in Ukraine's Dnipropetrovsk region.

The U.S. Federal Reserve cut interest rates by 25 basis points last week — its first reduction since December — and signaled a willingness to ease further, citing a softening labor market.

Investors are closely watching a series of Fed speeches this week, including remarks from Chair Jerome Powell on Tuesday, for fresh signals on the central bank's monetary policy path. Friday's U.S. core personal consumption expenditure price data is also in focus.

Meanwhile, after a typical seasonal dip in UK gold buying, central bank demand has rebounded to 63 tonnes, matching the post-2022 average and adding to bullish sentiment, Societe Generale said in a note on Monday.

Spot silver XAG= rose 1.7% to $43.83 per ounce, a more than 14-year high. Platinum XPT= rose 0.8% to $1,398.94 and palladium XPD= edged up 2.5% to $1,177.61.

"Silver may yet find fresh upside as investors cast their sights beyond record-high gold prices. With the gold-silver ratio currently around 86, still above its five-year average of 82, silver may yet have more room to catch up on its more illustrious precious metals cousin," Han Tan, chief market analyst at Nemo.money.