Investors looked to safe-haven investments on Monday, with the price of gold hitting a record high. December gold futures settled $4.20 higher at $3,723.30 per ounce after hitting an intraday peak of $3,739.30, a new record. The two-day Federal Open Market Committee meeting concludes Wednesday, with policymakers widely expected to deliver a 25-basis-point rate cut - the first since November 2024 - in response to weakening jobs data and rising concerns over a slowdown. "Expectations of a 25-basis-point rate cut are largely baked into the cake at this point," said Peter Grant, vice president and senior metals strategist at Zaner Metals. Investors are positioning ahead of the Fed decision as updated projections may show slower U.S. growth and rising unemployment.