Gold prices hit an all-time high of $2,440 per ounce on expectations that the Federal Reserve will cut interest rates soon to address slowing US inflation. A weaker US dollar and comments from Fed officials hinting at rate cuts have boosted sentiment for gold as lower rates reduce the opportunity cost of holding non-yielding bullion. Market analysts say gold is benefiting from its appeal as an inflation hedge, though slowing inflation data has increased bets the Fed will ease monetary policy.