Gold price hits new record high again! Traders await US economic data for clues on interest rates prospects.

Before a series of economic data is about to be released in the United States, the price of gold hit a historical high. Data shows that as of the time of writing, gold futures (December) rose by 0.29% to $2653.80 per ounce; spot gold rose by 0.18% to $2627.11 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 include the US personal spending rate for August and the US PCE price index data for August, which will 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 Waller said last Friday that if the economy develops as he expects, he may support a 25 basis point cut at both the November and December policy meetings. However, he also added that if the job market weakens, there may be another 50 basis point cut. One of the reasons for the increase 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, which could solidify gold's safe haven status.