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