Gold Gains on US Rate Cut Bets, Weak Jobs Data
Monday, 9 September 2019 10:00 WIB | PRECIOUS METALS |GOLDEMAS Spot EmasSILVER

Gold edged higher after Federal Reserve Chairman Jerome Powell's last speech before next week's policy meeting cemented views for another interest-rate reduction and weak job gains signaled the U.S. labor market's slowdown is deepening.

Speaking Friday in Zurich, Powell pushed back against perceptions that the U.S. economy was tilting into a recession, while leaving the door open to further interest-rate cuts. Last week's U.S. employment report was weaker than many forecast and data over the weekend showed China's exports unexpectedly contracted in August.

Spot gold +0.3% to $1,511.20/oz at 10:04am in Singapore; -0.8% Friday to close at 2-week low. Meanwhile, Spot silver little changed at $18.1740/oz.

Source : Bloomberg

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