Gold prices hovered near an all-time high on Tuesday ahead of the expected launch of a U.S. monetary easing cycle that the Federal Reserve could kick off with a big interest rate cut.
Update prices
Spot gold was steady at $2,581.68 per ounce by 0254 GMT. The precious metal hit an all-time high of $2,589.59 on Monday.
US gold futures also settled at $2,608.60.
Gold prices have stopped rising in today's session, said IG market strategist Yip Jun Rong, noting that there is a state of anticipation after recent gains that were driven by expectations of further interest rate cuts, according to Reuters.
All focus is on the Fed's two-day policy meeting that ends on Wednesday. Markets are now pricing in a 66 percent chance of a 50 basis point rate cut, compared with 43 percent on Friday.
Non-yielding bullion usually becomes the preferred investment during times of low interest rates.
The dollar fell 0.1 percent, making gold cheaper for holders of other currencies.
As for other precious metals, silver rose in spot transactions by 0.1 percent to $30.79 per ounce, and platinum rose by 0.6 percent to $986.90.
Palladium gained 1 percent to $1,087.09, after earlier in the session hitting its highest since April 11.
Chinese markets are closed today for the Mid-Autumn Festival holiday.
