AsianFin -- Gold touched a new record on Wednesday as bets on U.S. interest rate cuts lifted demand for the metal and investors sought safety after sharp declines in equity and bond markets.

Spot prices rose as much as 0.4% to $3,546.96 an ounce, edging past Tuesday’s peak before easing back. The metal has gained about 5% over the past week, supported by haven flows amid uncertainty over the Federal Reserve’s policy path and rising concerns about sovereign debt in advanced economies.