The price of gold has surged to a record high of $3,660 per ounce on international markets over the past 24 hours, marking the highest level in history.

According to an analytical report by TBC Capital, the rally is being driven by mounting pressure on the US dollar and growing expectations of an interest rate cut by the US Federal Reserve later this month.

If the Fed proceeds with the anticipated rate reduction, analysts suggest it could further weaken the dollar and drive additional gains in gold prices, as investors seek safe-haven assets amid shifting monetary conditions.