Gold bars
Gold prices closed higher on Monday, supported by expectations that the US Federal Reserve will resume interest rate cuts this month amid signs of a cooling labor market.
December gold futures rose 0.66%, or $24.1, to $3,677.4 an ounce at settlement, after touching an all-time high of $3,685.7 earlier in the session.
The gains came ahead of the Fed’s two-day policy meeting on Sept. 16–17, where policymakers are widely expected to cut benchmark rates from the current range of 4.25%–4.50%.
Expectations of renewed monetary easing strengthened after last week’s jobs report showed US hiring slowed sharply in August, with unemployment climbing to a four-year high.
Investors this week await the release of US producer and consumer price data, with CPI expected to rise 2.9% year-on-year in August after a 2.7% increase in July.
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