Ammon News - Gold prices scaled a record peak on Tuesday, supported by a weaker dollar ahead of the Federal Reserve's policy meeting this week, where the U.S. central bank is widely expected to cut borrowing rates.

Spot gold rose 0.1% to $3,683.28 per ounce as of 0502 GMT, after hitting a record high of $3,689.27 earlier in the session. U.S. gold futures for December delivery were flat at $3,720.10.

Lower interest rates reduces the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.

The dollar traded near a 2-1/2-month low against the euro and close to a 10-month trough versus the risk-sensitive Aussie.

Meanwhile on Monday, a U.S. appeals court refused to allow Trump to fire Fed Governor Lisa Cook - the latest step in a legal battle that threatens the Fed's longstanding independence.

Spot silver fell 0.2% to $42.63 per ounce, platinum was steady at $1,401.65 and palladium was flat at $1,183.76.

Reuters