Gold traded near a record high at around $3,670 per ounce on Tuesday ahead of the US Federal Reserve’s two-day policy meeting that starts today. Markets are all but certain the Fed will deliver a 25bps rate cut on Wednesday, the first since December, with growing expectations that the easing cycle could extend into next year. Attention will also be on the Fed’s quarterly Summary of Economic Projections, including the closely watched dot plot, as well as Chair Jerome Powell’s press conference for signals on the future policy path. The Fed's meeting comes amid challenges, including a legal dispute over its leadership and US President Donald Trump's efforts to sway monetary policy. On the data front, reports on retail sales and industrial production, due later today, will be scrutinized for further insights into the strength of the economy.