Gold Approaches Record High as Markets Position for Fed Rate Cut

Gold prices surge near all-time highs as traders position for an expected Federal Reserve rate cut at this week's FOMC meeting. The precious metal benefits from broad dollar weakness and shifting monetary policy expectations, with markets pricing in a 25 basis point reduction. EUR/USD shows resilience above 1.0900, while GBP/USD maintains gains near 1.3150 ahead of the Fed decision. AUD/USD also advances, supported by risk-on sentiment and commodity strength. Technical indicators suggest gold's momentum remains intact above $2,575/oz, with record highs at $2,589 providing immediate resistance. A break above could trigger acceleration toward $2,600 psychological level. The dovish Fed pivot represents a significant shift in monetary policy stance, potentially marking the beginning of an easing cycle that could further pressure the dollar and boost gold's appeal as an inflation hedge and safe-haven asset.