The expected interest rate cut and strong demand have driven gold prices to continue to soar, with gold standing at the $3,780 mark

Gold climbed to a fresh high of $3,780 an ounce on Tuesday on expectations of further US interest rate cuts, as investors awaited comments from Federal Reserve chairperson Jerome Powell in the early hours of the evening for more policy signals. US gold futures for December delivery stood at $3,800. Milan, the new Fed governor, called for a big cut on Monday. "Milan's dovishness has certainly reinforced expectations of a bigger cut, and it looks like the US government is interested in pushing this process, which is good for gold," said Ross Norman, an independent analyst. Mr. Norman added: "Gold is currently being met with strong demand from institutional investors who are likely to move money out of peaked equities, and there is also strong demand in India." The premium for physical gold in India rose to a 10-month high this week as investors aggressively bought the precious metal in spite of record prices and the approaching festive season, betting that there was still room for growth. Mr. Norman also said that in the short term, gold prices depended on the sustainability of Indian demand and whether the growth of ETF holdings was solid. SPDR Gold Trust, the world's largest gold ETF, returned to 1,000 tonnes on Monday.