Gold prices eased today but stayed around the record high hit in the previous session, as expectations of a September interest rate cut from the U.S. Federal Reserve continued to gather momentum.

Spot gold fell 0.2% at $2,453.46 per ounce as of 1725 GMT. It hit an all-time high of $2,483.60 on Wednesday. U.S. gold futures also fell 0.2% to $2,454.80.

“Analysts foresee long-term gains for the precious metal, driven by the Federal Reserve’s preparations to cut rates, believing inflation is under control,” said Russell Shor, senior market specialist at Tradu.

Geopolitcal instability and central bank demand are also creating a positive medium to long-term outlook for gold, Shor said.

Markets are pricing in a 98% chance of a U.S. cut rate in September, according to the CME FedWatch Tool. Non-yielding bullion’s appeal tends to shine in a low-interest-rate environment.

The number of Americans filing new applications for unemployment benefits rose more than expected last week, but there has been no material shift in the labor market, according to data released by the Labor Department today.

However, the International Monetary Fund said today the Fed should not cut interest rates until late 2024.

Meanwhile, the European Central Bank kept interest rates unchanged as expected, with its president Christine Lagarde saying a move in September was “wide open”.

Some safe-haven demand is being triggered from China “because of the negative rhetoric coming from both U.S. presidential candidates towards China,” said Jim Wyckoff, senior market analyst at Kitco Metals.

According to the World Gold Council, global physically backed gold exchange-traded funds recorded their second consecutive month of inflows in June.

Spot silver fell 0.9% to $30.01 per ounce, platinum fell about 1.9% to $975.15 and palladium lost 2.1% to $931.58.