Gold prices rebounded and looked set to scale a fresh peak on Thursday, on mounting expectations for another U.S. interest rate cut this year, while investors awaited Federal Reserve Chair Jerome Powell's address later today for more policy cues.

Gold pulls back from record highs, but Fed rate cuts and dollar weakness set the stage for future gains. Investors await key inflation data for next moves.

Sustained demand from investors is also helping to drive the price uptick and will likely play a role in future price growth. As more investors buy gold to capitalize on its upward price trajectory (or gain access to the many other benefits it offers), the price of gold is likely to climb.