US Federal Reserve

Major banks such as Goldman Sachs and HSBC now expect the Fed to raise interest rates by 25-basis-points at its policy meeting on Tuesday and Wednesday

Gold, considered a safe-haven asset during broader uncertainty, tends to perform well in low-interest rate environment

The dollar languished near multi-week lows against its rivals, making gold less expensive for holders of other currencies

The US Federal Reserve kept its benchmark interest rate unchanged on Wednesday, maintaining the federal funds rate at 4.25 to 4.5 per cent

Spot gold was little changed at $3,048.37 an ounce as of 0350 GMT, after hitting an all-time high of $3,055.96 earlier in the session