Federal Reserve Bank of New York President John Williams said in an interview published Thursday that he supports further interest rate cuts this year given the risk of a slowdown in the labor market. However, Williams added that a weakening labor market does not indicate an imminent recession.

Williams' comments are consistent with the minutes of the Fed's Sept. 16-17 meeting. According to the minutes, Fed officials agreed last month that risks to the U.S. labor market had risen enough to warrant a rate cut.

Given the growing likelihood of a key rate cut, investors continue to favor gold against the U.S. dollar. Quotes are once again testing the historical maximum.