(Bloomberg) — Gold steadied near a record, with upcoming US data expected to give clues on whether the Federal Reserve’s 50-basis-point rate reduction last week will be the first in a series of aggressive cuts.

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Bullion traded near $2,620 an ounce after hitting an all-time high of $2,625.77 an ounce on Friday. A batch of economic data — including the US personal consumption expenditures gauge and jobless claims — are scheduled to be released later in the week.

On Friday, Fed Governor Christopher Waller said he’d likely back quarter-point cuts at each of the next two central bank policy meetings in November and December, should the economy evolve as he expects. Still, he said another half-percentage-point cut could eventuate if the job market weakens.

Gold traders were also monitoring escalating tensions in the Middle East, on concerns fighting between Hezbollah and Israel could broaden into a wider regional conflict. That would likely bolster the metal’s haven status.

Spot gold was little changed $2,621.11 an ounce as of 7:51 a.m. in Singapore, following a 1.7% gain last week. The Bloomberg Dollar Spot Index was stable. Silver, palladium and platinum all declined.

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