Markets

Gold holds near record high as markets await US economic data

Upcoming U.S. economic indicators may reveal if recent Federal Reserve rate cuts are the start of a new trend.

Gold holds near record high as markets await US economic data

Gold trades near its all-time high, hovering around $2,620 per ounce.

Shutterstock

  • Potential for further rate cuts hinges on forthcoming economic data.
  • Middle East conflicts add to gold’s appeal as a safe-haven asset.
  • Gold prices remained stable near record highs, with upcoming U.S. economic data expected to provide insights into whether last week's 50-basis-point rate cut by the Federal Reserve signals the beginning of a series of substantial reductions.

    Bullion prices held steady at around $2,620 per ounce, following its all-time high of $2,625.77 per ounce on Friday. A series of economic reports, including the U.S. Personal Consumption Expenditures (PCE) index and initial jobless claims, is set to be released later this week.

    Federal Reserve Governor Christopher Waller stated on Friday that he would likely support quarter-point rate cuts at the central bank’s upcoming policy meetings in November and December, provided the economy performs as anticipated.

    However, he did not rule out the possibility of another half-point cut if the labor market shows signs of weakening.

    Gold traders are also closely monitoring rising tensions in the Middle East, with fears that the conflict could escalate into a wider regional crisis. This uncertainty is expected to further boost gold’s appeal as a safe-haven asset.

    Spot gold was largely unchanged at $2,621.11 per ounce as of 7:51 a.m. in Singapore, following a 1.7% gain last week. The Bloomberg Dollar Spot Index remained steady, while silver, palladium, and platinum all posted declines.

    Comments

    See what people are discussing

    More from Business

    Fitch Ratings predicts neutral credit outlook for 2025 amid economic challenges

    Fitch Ratings predicts neutral credit outlook for 2025 amid economic challenges

    Global economic growth to slow down by 0.2% in 2025, according to the international ratings agency

    More from World

    Starbucks strike to expand to over 300 US stores on Christmas Eve, union says

    Starbucks strike to expand to over 300 US stores on Christmas Eve, union says

    Talks between Starbucks and labor union hit an impasse with unresolved issues over wages, staffing and schedules