Gold rebounds after two-week decline ahead of Fed decision
Gold prices climbed above $3,260 an ounce on Monday, rebounding from their first consecutive weekly loss of the year as investors weighed uncertainty surrounding global trade and the U.S. economic outlook.
The gains come ahead of this week’s Federal Reserve meeting, where rates are expected to remain unchanged—despite President Donald Trump pressuring Chair Jerome Powell to cut rates following stronger-than-expected jobs data, News.Az reports, citing Bloomberg.
Gold has surged almost a quarter so far this year, hitting a record above $3,500 an ounce in April, before losing some ground in the last couple of weeks. The ascent has been driven by haven buying due to Trump’s highly disruptive trade and geopolitical policies, as well as speculative demand in China and global central-bank buying.
Spot gold rose 0.8% at $3,264.72 an ounce as of 9:25 a.m. in Singapore. The Bloomberg Dollar Spot Index was down 0.3%. Silver edged higher, while platinum and palladium were steady.
Investors were also weighing the latest comments on trade from Trump, who said late Sunday that he had no plans to talk to his Chinese counterpart this week. In aired comments on NBC earlier in the day, the president said that he is willing to lower tariffs on China at some point because the levies now are so high that the world’s two largest economies have essentially stopped doing business with each other.
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