PT Solid Gold Berjangka | Gold Steadies After Dropping on Bets US Rates to Reman High

03:20 06 September in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

Gold steadied after dropping the most in more than a month on Tuesday as the dollar and Treasury yields jumped on bets US interest rates will stay higher for longer.

Borrowing costs look set to remain elevated through the first quarter of next year whether or not the Federal Reserve pauses its tightening cycle at the September meeting. Higher rates and yields are typically negative for bullion, which doesn’t generate interest.

The Bloomberg Dollar Spot Index was steady after rising 0.7% to the highest since mid-March on Tuesday, making the precious metal more expensive for many buyers.

Spot gold was little changed at $1,925.29 an ounce as of 8:49 a.m. in Singapore after falling 0.9% in the previous session. Silver was steady, while platinum and palladium edged lower.

Source : Bloomberg


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