PT Solid Gold Berjangka | Gold Steadies After Gain as Weak US Data Eases Hiking Pressure

01:40 30 August in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

Gold was steady after jumping to the highest in three weeks on speculation that the Federal Reserve is nearing the end of its tightening campaign.

Treasury yields slumped to the lowest levels in more than a week after data on Tuesday showed US job openings fell by more than expected, potentially taking pressure off policymakers to raise rates and prompting swaps traders to sharply dial back bets on a September hike. Higher borrowing costs are typically negative for bullion, which doesn’t yield interest.

Looking ahead, potential strength in the dollar may limit the upside for gold. The greenback tends to rise in the month of September due to quarter-end buying and a general increase in haven demand ahead of October, which is notorious for stock market declines.

Spot gold was little changed at $1,936.87 an ounce as of 8:21 a.m. in Singapore, after gaining 0.9% in the previous session. The Bloomberg Dollar Spot Index edged higher. Silver was flat, while platinum and palladium declined.

Source : Bloomberg


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