Gold rallied sharply on 29 Aug., with front-month futures topping $3,500 an ounce intraday and trading around $3,430—just shy of the $3,434 level that would mark a record weekly close. The advance lifted the SPDR Gold Shares exchange-traded fund toward its highest weekly finish since early June and capped a strong month for precious metals. Traders cited mounting expectations that the Federal Reserve will begin cutting interest rates even as inflation remains elevated, a combination that bolstered demand for bullion as an alternative store of value. Strength in silver and other metals reinforced the move, with chart watchers pointing to a breakout from a months-long consolidation pattern as further evidence of bullish momentum.