Gold hits record high above $3,750 an ounce

December gold futures rose 1.25% to $3,751.80 an ounce after touching $3,753.40

Gold prices climbed in the first session of the week after the US Federal Reserve cut interest rates by 25 basis points last week and signaled the possibility of further monetary easing.

December gold futures rose 1.25%, or $46, to $3,751.80 an ounce after touching $3,753.40, the highest level ever for the most active contract.

Spot gold gained 0.75%, or $28.13, to $3,713.43 an ounce at 10:01 a.m. Mecca time, hitting an all-time high.

The dollar index, which measures the US currency against six major peers, was steady at 97.67 after erasing gains that had taken it to 97.82 earlier.

December silver futures jumped 2.65% to $44.09 an ounce, while spot platinum rose 0.7% to $1,418.46 and spot palladium gained 0.65% to $1,162.44.

At least a dozen Fed officials, including Chair Jerome Powell, are scheduled to speak this week as markets look for more signals on the policy outlook.