Gold rose to a record as markets waited for the Federal Reserve to begin easing monetary policy for the first time in more than four years.

Bullion climbed as much as 0.5% to a high of $2,589.70 an ounce, extending last week’s 3.2% gain, ahead of the Fed’s Sept. 17-18 meeting that’s widely expected to result in a rate cut of at least 25 basis points. Gold pared some of its increase during US trading hours.

Still, opinions are divided on the pace of the US central bank’s future easing path, with some traders and economists now expecting a larger, half-point reduction this week. Lower borrowing costs are often seen as bullish for gold, which doesn’t bear interest.

“Whether the Fed cuts by 25 or 50 bps does matter in the short term,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. The decision “may send a stronger signal” about how the Federal Open Market Committee “views the current economic outlook,” he said.

The precious metal was also supported by a weaker US dollar, which fell after an apparent assassination attempt against former President Donald Trump.

Gold has gained more than a quarter this year and last hit a record on Friday, supported by the Fed’s signals it would pivot to monetary easing. Central-bank buying and strong haven demand due to conflicts in the Middle East and Ukraine have helped the advance. Interest from retail investors is also picking up.

“A disunited world loaded up on geopolitical risks and debt will continue to underpin prices,” according to Hansen.

Spot gold was up 0.1% to $2,581.21 at 10:15 a.m. in New York.