Gold Prices Rise on Rate Cut Expectations
Monday, 22 July 2019 13:11 WIB | PRECIOUS METALS |GOLDEMAS

Gold prices rose on Monday in Asia after landing a second-straight week of gains as traders expect a U.S. rate cut this month.

Gold futures for August delivery, traded on the Comex division of the New York Mercantile Exchange inched up 0.1% to $1,427.75 by 12:15 AM ET (04:15 GMT).

The yellow metal was supported by IMF™s comments that the U.S. dollar is overvalued, and U.S. President Donald Trump™s call for lower interest rates.

On Friday, the President accused the Federal Reserve of sticking to a œfaulty thought process.

The Fed is widely expected to cut rates by at least a quarter-point this month, and some believe rates will be 50 basis points lower after the September policy meeting.

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