- Gold prices stabilized globally during early trading today, Monday, near their record level that they recorded earlier, as upcoming US data is expected to provide evidence on whether the Federal Reserve’s 50 basis point interest rate cut last week will be the first in a series of large cuts.
- Spot gold was little changed at $2,621.11 an ounce, up 1.7% last week.
- Bullion was trading near $2,620 an ounce, after hitting an all-time high of $2,625.77 an ounce last Friday.
- A slew of economic data, including a measure of U.S. personal consumption spending and jobless claims, is due later in the week.
- Federal Reserve Board member Christopher Waller said Friday that he would likely support quarter-point cuts at each of the central bank's next two policy meetings in November and December if the economy develops as he expects, though he said another half-point cut could come if the labor market weakens.
- Gold traders were also monitoring rising tensions in the Middle East, amid fears that fighting between Hezbollah and the Zionist entity could expand into a wider regional conflict, which would likely boost gold's status as a safe haven.
