Gold price posted modest gains on Monday as expectations that the Federal Reserve (Fed) could cut interest rates rose since last Friday, following last Friday's dismal US Nonfarm Payrolls report. The XAU/USD trades at $3,375, edges up 0.39%.
Expectations that the Fed might cut interest rates are boosting the yellow metal. The odds for the September 17 meeting rate cut are 87%.
Last week's jobs data revealed the first cracks of a deteriorating labor market. The US Bureau of Labor Statistics (BLS) revised down May and June figures by 258K. Hence, the data vindicated Fed Governor Christopher Waller, who shifted dovishly as he made comments that tariff inflation would be transitory and expressed concerns about achieving the maximum employment mandate.
US Treasury yields are down during the session, a tailwind for the non-yielding metal. The US 10-year T-note is down one basis point (bp) to 4.20%, extending its losses after Friday's 16-basis-point plunge.
Source: Fxstreet
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