02:00 PM EDT, 09/15/2025 (MT Newswires) -- (Updates prices.)

Gold traded at a record high midafternoon on Monday, rising above US$2,700 as traders await an expected U.S. Federal Reserve interest-rate cut later this week.

Gold for December delivery was last seen up US$33.60 to US$3,720.00 per ounce, edging lower from Friday's record close.

The Fed is widely expected to lower its benchmark rate by 25 basis points when its two-day policy meeting ends on Wednesday afternoon, aiming to support a slowing U.S. economy amid weak hiring even as inflation remains above the 2% target.

"Gold has paused near record highs following four straight weekly gains. Traders are weighing whether this week's Fed rate cut could spark a short-term "sell the fact" reaction, or if lower funding costs, together with steady ETF and central bank demand, will provide continued support," Saxo Bank said.

The dollar weakened, with the ICE dollar index last seen down 0.22 points to 97.33. Treasury yields were down, with the U.S. two-year note last seen paying 3.545%, down 1.7 basis points, while the 10-year note was paying 4.038%, down 3.2 points.