Gold prices continued to rise on Tuesday, reaching a new all-time high.

December gold futures at COMEX, a division of the New York Mercantile Exchange (NYMEX), rose 0.4% to $3,735.5 per troy ounce. Gold prices have risen 35% since the beginning of the year.

The current increase in the price of this precious metal is due to the weakening of the US dollar because of expectations that the Federal Reserve will cut interest rates for the first time on Wednesday. According to CME FedWatch, the market estimates the probability of a 25 basis point cut in interest rates at about 96%. At the same time, analysts and participants see a small probability of a 50 basis point cut in interest rates at once.

The ICE-calculated DXY index, which shows the dynamics of the US dollar against six other national currencies, lost about 0.3% on Tuesday. The weakening of the dollar increases demand for gold from holders of other national currencies.