Gold futures hit a new all-time high as the prospect of U.S. interest rate cuts boosted the metal's appeal, while investors looked for safety following a sell-off in equity and bond markets. The metal has risen more than 30% this year. The CME FedWatch Tool indicates a more than 95% chance of a 25 basis point rate cut at the next Fed meeting, bolstering the argument for lower rates. December Silver futures also broke through $42 for the first time since 2011. Silver's impressive performance is partly due to its industrial uses in clean-energy technology, leading to a fifth year of deficits.