(Bloomberg) — Gold climbed to a fresh all-time high ahead of US economic data that may offer clues on the path forward for further rate cuts by the Federal Reserve.

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Bullion was little changed after earlier rising as much as 0.4% to a record $2,631.40 an ounce, beating the previous all-time high posted on Friday. Gold has advanced since the Fed lowered its benchmark interest rate by half a percentage point last week, building on what was already a record-setting year for the precious metal.

Traders will scrutinize comments from Fed speakers including Raphael Bostic and Austan Goolsbee later Monday, before turning their attention to US personal consumption data and jobless claims later in the week. Those could inform the central bank’s thinking on future rate cuts, which are often seen as positive for non-interest bearing gold.

“The market looks increasingly in need of consolidation, but at this point, a deep one is needed to rattle hedge funds holding the largest bet on higher prices since 2020,” according to a report from Saxo Bank A/S.

Fed Governor Christopher Waller said Friday he’d likely back quarter-point cuts at each of the next two central bank policy meetings in November and December, if the economy evolves as he expects.

Bullion’s 27% rally this year has also been supported by robust purchasing by central banks and haven demand amid ongoing conflicts in the Middle East and Ukraine.

Spot gold was steady at $2,622.49 an ounce by 11:33 a.m. in London. The Bloomberg Dollar Spot Index rose 0.1%, while the US 10-year Treasury yield was little changed. Palladium, platinum and silver all fell.

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