Gold futures inched lower on Monday, holding at $1,400 an ounce, as traders weighed the scope for rate cuts by the Federal Reserve following last week’s stronger-than-expected round of June jobs data.
Traders look to testimony from Fed Chairman Jerome Powell’s to Congress later this week to provide a catalyst for the next big move for the precious metal.
Given global concerns, including an economic pullback, Brexit, and the Middle East, there is “enough to urge buyers for gold to step up when large event-driven selling occurs,” said George Gero, managing director of RBC Wealth Management.
Gold for August delivery on Comex fell by 10 cents, or 0.01%, to settle at $1,400 an ounce, after trading between a high of $1,409.90 and high of $1,395. September silver rose 4.9 cent, or 0.3%, to $15.05 an ounce.
Source : Marketwatch