Gold prices surged to record highs on Monday, driven by a softer dollar and expectations of a larger interest rate cut by the U.S. Federal Reserve this week. Spot gold was up 0.4% to $2,585.54 per ounce,

Gold futures (GC=F) are touching new highs in Friday's trading session, boosted by expectations of a Federal Reserve interest rate cut coming next week. Lower rates often serve as a catalyst for the commodity market.