PT Solid Gold Berjangka | Gold Steady After Weekly Gain on Signs Fed May Pause Rate Hikes

01:50 04 September in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

Gold held a weekly gain, after a US jobs report on Friday supported optimism the Federal Reserve is nearing the end of its tightening cycle.

The data suggested the US labor market is undergoing a controlled cooling, illustrated by solid hiring, slower earnings growth and more people returning to the workforce. Swaps traders are pricing in a less than 50% chance of another hike this year. Higher rates are typically negative for bullion, which doesn’t yield interest.

US markets are shut Monday for the Labor Day holiday.

Spot gold was little changed at $1,940.52 an ounce at 8 a.m. in Singapore, after rising 1.3% last week. The Bloomberg Dollar Spot Index was flat, after it gained 0.4% on Friday. Silver slipped, platinum was steady and palladium edged up.

Source : Bloomberg


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