Gold maintained a stable trajectory during early Asian market hours, buoyed by expectations of additional Federal Reserve interest rate reductions. Fed Chair Powell is scheduled to deliver remarks on the U.S. economy later in the day.

Spot gold traded essentially flat at $3,747.22 per ounce. According to Fadi Al Kurdi, founder and CEO of FFA Kings, gold achieved another record high overnight, continuing the momentum generated by last week's Fed rate cut and accompanying guidance indicating potential further policy easing as the labor market shows signs of cooling.

"Heightened expectations for continued monetary accommodation have bolstered demand for this non-yielding asset," Al Kurdi noted.