While waiting for the US Federal Reserve (Fed) to cut key rates this week, the gold price hit a new all-time high on Monday morning, boosted by a weaker dollar.

After peaking at $2589.68 per ounce in the morning, the precious metal price was trading at $2586.72 at 10:20am.

For Ipek Ozkardeskaya of Swissquote, a 25-point cut would be more appropriate to start cutting Fed rates. “The U.S. gross domestic product (GDP) grew by 3% in the second quarter and Atlanta Fed forecasts suggest that third-quarter growth will be above 2%. “Also, the American job market is cooling, but does not seem alarming,

Gold also benefited from the decision of the European Central Bank (ECB) to lower its main key interest rate last week, reflecting the growing confidence of policymakers, explain analysts at Trading Economics.