Gold stabilized near a record high after Federal Reserve Chairman Jerome Powell affirmed expectations that the central bank will begin cutting interest rates next month.
Gold was trading near $2,510 an ounce after rising 1.1% on Friday. Powell said Friday that the “time has come” to move toward monetary easing in Jackson Hole, Wyoming, and also made clear his intention to prevent another slowdown in the U.S. labor market. Lower borrowing costs typically increase the appeal of gold, which does not pay interest, relative to Treasuries.
