If the Fed indeed decides to cut rates, it would become the first back-to-back cut after a series of sharp increases during 2022 and 2023. We will go into this later, but the Fed has signaled the end of the rate-hiking cycle and the beginning of a new phase, where interest rates could consistently go down.

Gold held steady on Monday as investors prepared for a key week for the global economy ahead of the U.S. presidential election and the likelihood of another rate cut by the Federal Reserve.