Gold price hits another all-time high! Traders await US economic data to provide clues on interest rate prospects

Gold prices hit a historic high ahead of a series of economic data releases in the United States. As of the time of writing, gold futures (December) rose by 0.29% to $2,653.80 per ounce; spot gold rose by 0.18% to $2,627.11 per ounce. Traders are weighing the prospects of the Federal Reserve's interest rate path. A series of key economic data to be released this week includes the U.S. personal spending rate for August and the U.S. PCE price index data for August, among others. These data are expected to provide clues as to whether the Federal Reserve will continue to significantly cut interest rates after a 50 basis point cut last week. Federal Reserve's Bullard stated last Friday that if the economy develops as he expects, he may support a 25 basis point rate cut at both the November and December policy meetings. However, he also added that if the labor market weakens, there may be another 50 basis point cut. One of the reasons for the rise in gold prices is the escalating tension in the Middle East, where the conflict between Hezbollah in Lebanon and Israel may escalate into a broader regional conflict, potentially solidifying gold's safe-haven status