According to the Wise News Finance APP, the most active gold futures for trading rose on Wednesday and set a historical high at the close due to escalating tensions in the Middle East and the Fed's signal of a rate cut. Data shows that the Comex December gold futures rose 0.9% on Wednesday, to $2,473 per ounce, exceeding the previous high of $2,467.80 per ounce on July 16th; near-term delivery of the Comex August gold futures also rose 0.9%, to $2,426.50 per ounce. In addition, the Comex August silver futures closed up 1.4%, at $28.778 per ounce.

Due to investor concerns that the Palestinian Hamas leader Haniyeh's assassination in Iran will further escalate the Israeli-Palestinian conflict, gold is attracting some safe-haven bids. At the same time, Federal Reserve Chairman Powell said at a press conference after the interest rate announcement on Wednesday that a rate cut in September "may be in order" and consensus within the committee is gradually forming.

RJO Futures analyst Bob Haberkorn said that the Fed's rate cut plus geopolitical risks in the Middle East could push gold prices up to $2,700 per ounce. Independent metals trader Tai Wong said: "Gold and silver are rising because Fed Chairman Powell's comments suggest a rate cut in September. But Powell actually closed the door to a 50 basis point rate cut. Given that the Fed has just met the expanding expectations, it remains to be seen whether gold can set another historical high."