Gold prices held ground on Monday, buoyed by a weaker dollar and Treasury yields after U.S. Federal Reserve Chair Jerome Powell’s dovish remarks cemented expectations for a September rate cut.
Spot gold was steady at $2,510.75 per ounce, as of 0544 GMT, after gaining more than 1% in the previous session. U.S. gold futures were flat at $2,545.90.
Powell on Friday endorsed an imminent start to rate cuts, saying further cooling in the job market would be unwelcome.
The dollar hovered near its lowest level in 13 months, making gold cheaper for other currency holders, while benchmark 10-year yields also slipped.
Source : Reuters
