[Federal Reserve Dovish Expectations Propel Gold Past $3,700] On September 16, spot gold surpassed $3,700, reaching a historic high. The market anticipates the Federal Reserve will cut interest rates by 25 basis points, with dovish signals strengthening, driving the dollar weaker and gold prices higher. Additionally, White House economic advisor Milan joined the Federal Reserve Board of Governors. He is viewed as dovish and may support larger rate cuts.