Gold just wouldn't quit, hanging tight near record territory around $4,500 per ounce. What's driving the rally? Traders have been laser-focused on upcoming US economic data—inflation reports, employment figures, the usual suspects. Why? Because these numbers could be the green light for more Fed rate cuts down the road.

Here's the thing: expectations of easier monetary policy have been keeping bullion well-supported. Lower rates typically mean a weaker dollar and reduced opportunity costs for holding non-yielding assets. Central banks, too, haven't stopped accumulating gold. Institutional demand remains solid.

Geopolitical noise has faded into the background. The real driver now is the macro picture—whether the Fed actually gets aggressive with rate cuts or pumps the brakes. That uncertainty keeps safe-haven assets like gold bid up, as investors hedge their bets on what comes next for broader risk sentiment.