Metals Stocks: Gold bounces back above $1,400 an ounce as traders await this week’s Powell testimony

Gold futures traded modestly higher Monday, pushing back above $1,400 an ounce, as traders continue to weigh the scope for rate cuts by the Federal Reserve following last week’s stronger-than-expected round of June jobs data.

Gold for August delivery on Comex GCQ19, +0.44% rose $7.70, or 0.5%, to $1,407.80 an ounce, while September silver SIU19, +0.79% was up 10.4 cent, or 0.7%, at $15.105 an ounce.

A Friday decline following the jobs data left the yellow metal negative for the week. The upbeat employment picture saw traders scale back expectations for rate cuts by the Federal Reserve, sharply reducing bets on a half-point cut when policy makers meet at the end of the month.

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