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Gold touches record high on rate-cut bets, weaker U.S. dollar

Gold bars sit in a vault at the Perth Mint Refinery, operated by Gold Corp, in Perth, Australia, on August 9, 2018.

Gold hit a record high on Wednesday, boosted by a softer U.S. dollar and hopes of more interest rate cuts, while investors looked for new signals for the Federal Reserve's interest rate trajectory.

Spot gold was steady at $2,658.08 per ounce, as of 0557 GMT, after hitting an all-time high of $2,670.43 earlier.

U.S. gold futures gained 0.2% to $2,682.10.

The dollar eased 0.2%, making greenback-priced bullion less expensive for other currency holders.

On Tuesday, China announced a slew of support measures including outsized rate cuts, after the U.S. Fed cut rates by 50 basis points last week. Market participants see about 60% chance of another 50 bps cut in November.

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