Gold held steady on Monday as investors prepare for a key week for the global economy ahead of the US presidential election and the likelihood of a further cut in rates by the Federal Reserve.

The spot gold price rose 0.1% to $2,738.32 per ounce at 02:27 GMT. The gold price hit a record $2,790.15 on Thursday. American gold futures remained steady at $2,747.80

“The U.S. dollar lost a bit of traction at the start of the week, leaving the door open for gold to rise,” Waterer said. The dollar index fell by 0.5%, remaining close to a low of almost two weeks reached in the previous session. A weaker dollar makes gold more attractive to other currency holders.

Gold is considered a safe investment in times of economic and geopolitical turmoil and thrives in a low interest rate environment.

Among other metals, spot silver rose 0.3% to $32.51 per ounce. It hit its lowest level in over two weeks at the start of trading. Platinum rose 0.3% to $994.85 and palladium rose 0.8%