As King Charles III hosts US President Donald Trump in the UK, his attention may briefly drift to Caulfield on Saturday where his Cup hopeful Gilded Water takes another step in his campaign.

Prepared by Ciaron Maher, Gilded Water contests the benchmark 84 Handicap (2000m), the last race on the program, as he builds towards a possible run in the Group 1 Melbourne Cup (3200m) at Flemington on November 4.

Maher is realistic about the challenge ahead, noting the gelding must begin winning soon if he is to book his place in Australia’s greatest race.

Imported last season, Gilded Water scored wins at Kembla Grange and Randwick before finishing runner-up at Rosehill. Given a spell, he returned this campaign with two jump-outs at Cranbourne and ran third first-up at Caulfield over 1800m on August 30.

“He was a very good run first-up off a very light prep and I’m looking forward to seeing him on Saturday,” Maher said.

“He’s going to have to sneak into the Cup through the back door, but he’s come through his first run really well, he’s grown up and improving all the time.

“The Caulfield Cup will probably come too quick for him but hopefully we can sneak him into the Melbourne Cup.”

A victory would be vital for his ratings, opening the door to qualifiers such as the Group 3 The Bart Cummings (2500m) on October 4, the Group 3 Geelong Cup (2400m) on October 22, or the Group 2 Moonee Valley Gold Cup (2500m) on October 24.

The Geelong Cup would hold special sentiment, given the King’s time as a student at Geelong Grammar in the 1960s.

“He needs a couple of wins, but there’s a host of those races,” Maher said.

“He’s a pretty natural stayer and it will be a matter of getting him in the best way we can.

“Hopefully we’re talking about those races. He’s a progressive stayer but things have to go right to get there.”

Punters can back Gilded Water in Saturday’s Caulfield contest through Australia’s top betting sites.