Gold price attracts fresh buying on the first day of a new week and steadily climbs back above the $1,945 level during the Asian session. The XAU/USD
remains well within the striking distance of a one-month high, around the $1,952-$1,953 region touched on Friday and seems poised to build on its recent goodish rebound from over a five-month trough, around the $1,885 zone touched in August.
The mixed monthly jobs report released from the United States on Friday ensured that the Federal Reserve will leave interest rates unchanged at its September policy meeting, which, in turn, is seen benefitting the non-yielding Gold price. In fact, the headlineshowed that the US economy added 187K jobs in August, higher than market expectations. That said, the previous month's reading was revised down from 187K to 157K. Furthermore, the unemployment rate climbed to 3.8% from 3.
Expectations that the Fed is nearing the end of its rate-hiking cycle, along with the optimism over more supportive measures from China to shore up economic growth, continue to boost investors' confidence. In fact, China's top economic planner – the National Development and Reform Commission – said this Monday that it would establish a designated department to bolster the country's faltering private economy.
and a bank holiday in the US, the risk-on flow might hold back traders from placing aggressive bullish bets around the Gold price, at least for now.
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