Gold futures reached their fifth consecutive cycle high, trading tightly as markets monitored a mix of fiscal policy and geopolitical risk. Treasury Secretary Scott Bessent's announcement to double long-term bond buyback operations to at least $4 billion has renewed attention on the $40 trillion U.S. debt, providing underlying support for precious metals. Tensions in the Strait of Hormuz further contribute to safe-haven demand. Looking ahead, traders await the release of July PCE inflation data. The Federal Reserve's preferred inflation gauge will likely influence expectations for a September rate hike, with probability currently hovering near 38%.