Gold rose to a record as markets waited for the Federal Reserve to begin easing monetary policy for the first time in more than four years.

Bullion climbed as much as 0.4% to a high of $2,589.03 an ounce, extending last week's 3.2% gain, ahead of the Fed's Sept. 17-18 meeting that's widely expected to result in a rate cut of at least 25 basis points.

Gold has gained more than a quarter this year and last hit a record on Friday, supported by the Fed's signals it would pivot to monetary easing. Central-bank buying and strong haven demand due to conflicts in the Middle East and Ukraine have helped the advance. Interest from retail investors is also picking up.

Spot gold advanced 0.4% to $2,587.66 at 9:55 a.m. in London. The Bloomberg Dollar Spot Index dipped 0.3%, after declining 0.8% over the previous three sessions. Silver and palladium rose, while platinum fell. 

Source: Bloomberg