• Gold price trades with a mild positive bias near the all-time peak touched on Friday.
• Rising bets for a 50 bps Fed rate cut later this month continue to act as a tailwind.
• Bulls now await this week’s key central bank event risks before placing fresh bets.

Gold price (XAU/USD) holds steady near the all-time high, around the $2,580 region during the Asian session on Monday amid relatively thin trading volumes on the back of a holiday in China and Japan. Furthermore, traders opt to wait on the sidelines ahead of this week's key central bank event risks, especially the outcome of a two-day Federal Open Market Committee (FOMC) meeting. The Federal Reserve (Fed) is scheduled to announce its decision on Wednesday, which will be followed by the Bank of England (BoE) and the Bank of Japan (BoJ) policy meetings on Thursday and Friday, respectively.

In the meantime, rising bets for a more aggressive policy easing by the Fed, bolstered by signs of easing inflationary pressure in the United States (US), keep the US Treasury bond yields depressed near the 2024 low. This, in turn, continues to weigh on the US Dollar (USD) and acts as a tailwind for the non-yielding Gold price. Apart from this, the US political uncertainty ahead of the November election and persistent geopolitical risks further underpin demand for the safe-haven precious metal. That said, the upbeat market mood holds back bulls from placing fresh bets and should cap the commodity.