Gold futures hit another record high as markets eye upcoming U.S. economic data

According to Gold Ten News, gold futures rose 0.25%, hitting a new all-time high of $2,694.90 earlier in the session.ActivTrades senior analyst Ricardo Evangelista said expectations for a Fed rate cut continue to support gold. The U.S. rate cut has weighed on the U.S. dollar and depressed U.S. Treasury yields, which is a boon for interest-free yielding assets such as gold.Evangelista also said traders are now focusing on three key risk events - U.S. GDP data due Thursday, the Fed chairman's speech on Thursday night, and Friday's release of PCE data, which could have a significant impact on gold prices. Given the dollar's recent weakness, the market is betting that further dovish signals will pave the way for further Fed rate cuts, potentially pushing up gold prices further.