Gold rose ahead of US economic data due later this week, with traders focused on whether the prints will reinforce bets the Federal Reserve will soon pivot to monetary easing.

Bullion was trading near $2,440 an ounce after dropping 0.5% last week. Investors are preparing for US Producer Price Index figures due Tuesday and Consumer Price Index numbers on Wednesday. Both will shed light on the health of the world’s largest economy.

Fed Governor Michelle Bowman said however on Saturday that she still sees upside risks for inflation and continued strength in the labor market, signaling she may not be ready to support a rate cut in September. Higher borrowing costs are typically negative for gold, because it doesn’t pay interest.

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The yellow metal has gained more than 18% this year and remains in touching distance of last month’s all-time high. Along with rate-cut expectations, it’s also been supported by firm central bank buying and robust demand from Chinese consumers.

Gold remains “supported by geopolitical risks and anticipated Federal Reserve rate cuts amid heightened tensions involving Iran, Israel, and Ukraine,” according to a Monday report from Saxo Bank A/S.

Meanwhile, figures for money managers’ net bullish gold bets hit a five-week low, according to weekly data from the Commodity Futures Trading Commission.

Spot gold rose 0.5% $2,442.16 an ounce by 10:55 a.m. in London.