Spot Gold held not far from a nearly 2-week high of $3,390.60 on Wednesday, underpinned by expectations of a more dovish US monetary policy stance and as investors awaited US President Donald Trump’s appointments to the Federal Reserve.
Yesterday US President Trump said he would soon announce a short-term replacement for Fed Governor Adriana Kugler, who resigned last Friday. Trump is also to announce his pick for the next Fed Chairman.
Gold remained supported by rising expectations of a Fed rate cut next month.
US job growth slowed sharply in July, while the services sector nearly stagnated, as evidenced by a falling ISM Services PMI to a level of 50.1, which raised concerns over the US economic outlook.
Markets are now pricing in a 90% chance of a Fed rate cut in September.
The prospect of lower interest rates tends to support non-yielding Gold.
Spot Gold was last down 0.13% on the day to trade at $3,376.43 per troy ounce.
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