Gold Extends Gains on Fed Rate Cut Hopes

Gold prices edged higher on Monday, extending gains from the last session as Federal Reserve Chair's remarks solidified expectations of an interest rate cut next month. Spot gold rose 0.2% to $2,516.09 per ounce. US gold futures gained 0.2% to $2,551.30. The dollar hovered near its lowest level in about eight months, making gold cheaper for other currency holders, while benchmark 10-year yields also slipped. On Friday, Powell signaled support for policy easing, saying that "the time has come" for the Fed to cut rates amid rising risks to the job market, even as inflation was in reach of the US central bank's 2% target. Spot silver edged 0.3% higher to $29.90 per ounce, platinum was flat at $962.65 and palladium fell 0.3% to $959.43. Source: Qatar News Agency