British News Agency

Spot gold was steady at 2,581.68 dollars per ounce as of 0254 GMT. Bullion rose to a record high of 2,589.59 dollars on Monday. U.S. gold futures were also steady at 2,608.60 dollars.

All attention is on the U.S. Federal Reserve’s two-day policy meeting, which concludes on Wednesday. Markets are currently pricing in a 66 percent probability of a 50-basis-point easing, compared with 43 percent on Friday. Zero-yield bullion tends to be a preferred investment amid lower interest rates.

The dollar was down 0.1 percent, making gold less expensive for other currency holders. The August’s U.S. retail sales data at 12:30 GMT is also on investors’ radar.

Goldman Sachs reiterated its optimistic outlook on gold prices. “We find that ETF holdings backed by physical gold continue to rise gradually as the Fed policy rate comes down,” it said in a note on Monday.

Spot silver increased 0.1 percent to 30.79 dollars per ounce, and platinum rose 0.6 percent to 986.90 dollars. Palladium gained nearly 1 percent to 1,087.09 dollars after hitting its highest level since April 11 earlier in the session.