Odaily News Spot gold extended its daily gains by 1.7% during the U.S. trading session, hitting a record high of $2,555.16 per ounce. Earlier, the latest U.S. inflation data further boosted expectations that the Federal Reserve will cut interest rates by 25 basis points next week. Paul Ashworth, an analyst at Capital Economics, said in a report: "The August PPI data provided more encouragement to the Federal Reserve, indicating that inflation has been brought under control." At the same time, the dollar weakened against a basket of major currencies after the European Central Bank cut its benchmark interest rate for the second time in three months to respond to falling inflation. (Jinshi)