Until Friday, gold had been on a tear since Fed officials last month opened the door to a rate cut, boosting the appeal of the metal that doesn’t pay interest. While the latest jobs data fueled doubts policy makers will reduce borrowing costs this month, President Donald Trump continued to apply pressure on Fed Chair Jerome Powell to do just that, saying the current monetary policy has put the U.S. at a disadvantage versus Europe.
Powell and James Bullard, who was the only dissenting vote in favor of a rate cut at the Fed’s meeting in June, are scheduled to address events this week, potentially providing some clue on the policy makers’ next move.
“Between Friday’s job report and waiting to hear what he has to say tomorrow, gold is kind of in a no man’s land,” Bob Haberkorn, senior market strategist at RJO Futures in Chicago, said by phone Monday, referring to Powell.
