Gold prices climbed toward $3,480 per ounce on Monday, nearing a record high as investors weighed the future of the Federal Reserve and uncertainty over US President Donald Trump's tariffs. A hearing on Trump's move to fire Fed Governor Lisa Cook ended Friday without a decision, and a ruling is not expected to arrive before at least Tuesday.
At the same time, a federal appeals court ruled that Trump's global tariffs were illegally imposed under an emergency law, upholding a May ruling by the Court of International Trade. But these tariffs will be allowed to persist until October 14, giving the Trump administration time to appeal to the Supreme Court.
Support for gold also came from last week's US inflation data, which strengthened expectations of a Fed rate cut later this month. Investors looked ahead to a raft of US labour market data this week, including job openings, ADP employment, and non-farm payrolls, which could shape the size of the central bank's anticipated move.
Source: Trading Economics
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