The Financial Post reports in its Wednesday edition that gold briefly hit a record high as the prospect of U.S. interest-rate cuts and growing concerns over the Federal Reserve's future lent fresh impetus to the multiyear rally in precious metals. A Bloomberg dispatch to the Post says bullion for immediate delivery rose as much as 0.9 per cent on Tuesday to top $3,508 an ounce -- surpassing the previous peak reached in April -- before paring gains as the dollar rallied. The precious metal has risen more than 30 per cent this year, making it one of the best-performing major commodities. The latest run has been fuelled by expectations the U.S. central bank will lower interest rates this month, after Fed chair Jerome Powell cautiously opened the door to a reduction. A key U.S. jobs report this Friday is likely to add to signs of an increasingly subdued labour market, supporting the case for rate cuts. That has boosted the allure of precious metals, which do not pay interest. "Investors adding to gold allocations, especially as Fed rate cuts loom, are pushing prices higher," said UBS's Joni Teves, who called gold a "portfolio diversifier." ... "Our base case is that gold continues to make new highs over the coming quarters."