Gold and silver surged to fresh highs today, buoyed by mounting expectations that the US Federal Reserve will cut interest rates in September.

Spot gold climbed 0.8% to $3,475.72 per ounce, marking its highest level since April 23. US gold futures for December delivery also gained ground, rising 0.9% to $3,546.10.

Silver broke through a critical psychological threshold, soaring above $40 an ounce for the first time in over a decade. Prices jumped 2% to $40.44, the highest level since September 2011, as investors poured into the precious metal on safe-haven demand and tightening supply expectations.

The rally wasn’t confined to gold and silver. Other precious metals also advanced, with platinum up 0.8% at $1,375.41 and palladium climbing 1.1% to $1,121.09.

Analysts say today’s moves underscore investors’ positioning ahead of a potential shift in US monetary policy. Lower interest rates typically weaken the dollar and reduce the opportunity cost of holding non-yielding assets such as gold and silver, making them more attractive to global investors.