Gold reached a record high on Wednesday as expectations for another rate cut by the US Federal Reserve and a weaker dollar boosted its appeal. Spot gold gained 0.4% to $2,667.03 per ounce, after hitting an all-time high of $2,670.43 earlier. The US dollar steadied to near 14-month lows against a basket of peers, making gold less expensive for overseas buyers. Traders are awaiting Fed Chair Jerome Powell's remarks and US inflation data later this week for further policy cues. Bullion has risen over 29% so far in 2020, with gains attributed to central bank easing and geopolitical issues.