In precious metals, Gold surged to a fresh record high with spot prices moving above $3,654/oz this morning, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold prices have increased nearly 40% this year

"Prices have been rising for three consecutive sessions, supported by increased bets on a wave of Federal Reserve rate cuts this year. Swap traders continue to boost their bets on interest rate cuts and price in three rate cuts this year, including a quarter-point cut at the Fed’s meeting next week."

"Lower borrowing costs usually benefit precious metals, which do not pay interest. Monetary policy expectations are now likely to become the primary driver for Gold’s direction. Continued concerns over the Fed’s independence will also remain the focus for the Gold market looking ahead."

"Gold prices have increased nearly 40% this year amid Trump’s aggressive trade policy, conflicts in the Middle East and Ukraine, and central bank buying."