The precious metals market witnessed a marginal decline in gold futures today, with the most active December contract closing slightly lower. Despite this minor setback, the yellow metal found support from a weakening U.S. dollar.

History was made once again today with gold surging to its highest closing price in history. As of 5:50 PM EDT, gold futures are up over 2%, a net gain of $51.70 fixing a troy ounce at $2546.20.

Recent economic data has set the stage for a potential interest rate cut by the Federal Reserve in September, as retail sales surged and inflation continued to cool.