Gold rose for a third day after the Federal Reserve indicated that it’s preparing to cut interest rates for the first time in a decade as the global economy slows.
Bullion’s trading above $1 400/oz again as investors took note of the Fed’s dovishness, damping doubts over monetary policy easing that arose following stronger-than-expected US payrolls data. Speaking to Congress on Wednesday, chairman Jerome Powell said June’s jobs report was “great news", but not enough to tilt the balance because wages weren’t rising fast enough to trigger much inflation.