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.