Gold futures climbed toward $3,660 per ounce on Monday, approaching the all-time high of $3,674 set on September 9, as a softer US dollar and falling Treasury yields boosted demand for the metal. Markets are bracing for a pivotal Federal Reserve meeting this week, with policymakers widely expected to deliver the first interest rate cut since December — at least 25 bps — on Wednesday. The decision comes as officials balance a cooling labor market against tariff-driven inflationary pressures, amid ongoing concerns over the Fed’s independence. Updated FOMC projections are also expected to signal one or two additional cuts before year-end. Investors will keep a close eye on US retail sales and industrial production data due Tuesday for fresh clues on the economy’s resilience. Meanwhile, the US–China trade talks in Madrid, which began on Sunday, remain in focus as global trade tensions continue to shape market sentiment.