British News Agency

Spot gold was up 0.5 percent at 2,588.29 dollars per ounce after hitting an all-time high of 2,589.23 dollars earlier in the session. U.S. gold futures edged 0.2 percent higher to 2,615.80 dollars.

Holidays in China, Japan, Indonesia, Malaysia and South Korea made for thin trading conditions.

The dollar weakened 0.2 percent, making gold less expensive for other currency holders.

All eyes will be on the Fed this week as speculation mounts over the extent of the rate cut at its Sept. 17-18 monetary policy meeting and the pace of future reductions. The Bank of England and the Bank of Japan are also announcing policy decisions later this week.

Markets are currently pricing in a 59 percent probability of a 50-bps cut on Wednesday via the Fed’s first rate cut since 2020.

Data on Friday showed that U.S. consumer sentiment improved in September amid subsiding inflation, though Americans remained cautious ahead of the November presidential elections.

Spot silver gained 1.2 percent to 31.02 dollars per ounce, marking its highest level in two months. Platinum climbed 0.4 percent to 999.38 dollars and palladium was up 0.7 percent at 1,075.60 dollars.