[BENGALURU] Gold edged higher on Monday after weak US data raised concerns over a quick economic rebound from the coronavirus-led slump and cemented hopes that lower interest rates would last longer.
Spot gold was up 0.2 per cent at US$1,935.50 per ounce by 3.41am GMT, moving further away from a one-week low of US$1,916.24 touched on Friday. US markets are shut for the Labor Day holiday on Monday."The general theme from last week's US jobs report showed that the recovery is continuing to slow. So really, the payroll gains were weak in the overall context," said Stephen Innes, chief market strategist at financial services firm AxiCorp.
"Also, the lower for longer interest rates narrative continues to chime well for the gold bulls right now." Federal Reserve chairman Jerome Powell said the US jobs report for August was"a good one", but noted that with gains likely to slow, the central bank is planning to keep its foot on the monetary policy gas pedal for years.
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