Solid Gold Berjangka | Gold Steady After Jobess Data, Rates Outlook From Fed’s Bowman

01:42 07 August in Market, SOLID GOLD BERJANGKA | SOLID GROUP

Gold was little changed after two weekly declines as traders assessed the outlook for US interest rates following a mixed jobs report and comments from a central bank policymaker that more hikes may be needed.

On Friday, payrolls data showed a rise of 187,000 last month — softer than expected — while unemployment fell to one of the lowest readings in decades. Meanwhile, consumer price index figures this week will probably illustrate more of the moderate price growth that the Federal Reserve wants.

On Saturday, Fed Governor Michelle Bowman said the US central bank may need to raise rates further in order to restore price stability. That would be negative for gold, which doesn’t bear interest.

Spot gold was steady at $1,944.45 an ounce at 8:47 a.m. in Singapore, after retreating 0.9% last week. The Bloomberg Dollar Spot Index was little changed. Silver was flat, while platinum and palladium rose.

Source: Bloomberg


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