The spot price of gold reached a record high above $2,450 per ounce early Monday morning, before sliding to $2,435.28 by 2 p.m. ET as markets continued to digest economic data from last week that raised hopes the Federal Reserve could move to cut interest raꦏtes, though Fed officials cautioned they may need more data on inflation beforeಞ cutting rates.

澳洲幸运5官方开奖结果体彩网:Scheduled comments this week from a number of Fed officials 🍨could impact the price of gold in the days to come, along with fresh economic data and geopolitical events.

Markets Still Pricing in Expectations 🐼of꧑ Rate Cuts

Last week's report on consumer prices showed 澳洲幸运5官方开奖结果体彩网:inflation slowed in April, raising hopes the Fed may be encouraged to lower borrowing costs, though Fed policymakers have cautioned several times over the last month that they would 澳洲幸运5官方开奖结果体彩网:need more data on inflation before cutting rates, and some have said that 澳洲幸运5官方开奖结果体彩网:raising rates is still possible.

Market participants are currently pricing in an over 63% chance of rates being cut at the Fed's September meeting, and a more than 74% chance of rates being cut at the Fed's November meeting, according to the 澳洲幸运5官方开奖结果体彩网:CME's FedWatch Tool, based on 澳洲幸运5官方开奖结果体彩网:fed funds futures data.

Purchases by China's Central Bank and Geopolitical Events Could Drive Gold Higher

Purchases by China's central bank could help sustain gold's rise in price, with the The World Gold Council (WGC) recently reporting China's central bank was one of the top buyers of gold in the first quarter compared to other central banks.

Concerns about geopolitical risks in the Middle East and Eastern Europe could also impact the price of gold, raising demand for traditional "澳洲幸运5官方开奖结果体彩网:safe haven" assets. The death of Iranian President Ebrahim Raisi and worries about his death's implications in the Middle East was another factor that drove the price of oil higher Monday, The Wall Street Journal reported.