Gold prices rose on Monday in Asia after landing a second-straight week of gains as traders expect a U.S. rate cut this month.

Gold futures for August delivery, traded on the Comexdivision of the New York Mercantile Exchange inched up 0.1% to $1,427.75 by 12:15 AM ET (04:15 GMT).

The yellow metal was supported by IMF’s comments that the U.S. dollar is overvalued, and U.S. President Donald Trump’s call for lower interest rates.

On Friday, the President accused the Federal Reserve of sticking to a “faulty thought process.”

The Fed is widely expected to cut rates by at least a quarter-point this month, and some believe rates will be 50 basis points lower after the September policy meeting.

Gold prices also benefited from weaker stock markets in Asia today. Hong Kong’s Hang Seng Index was down almost 1%, while other major markets in Asia also fell.

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