PT Solid Gold Berjangka | Gold Heads for Weekly Drop as Inflation Signs Point to Fed Hike

01:34 15 September in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

Gold headed for a second straight weekly decline as persistent inflationary pressures in the US increased the likelihood that the Federal Reserve will keep tightening monetary policy.

On Thursday, data showed both the producer price index for final demand and retail sales grew more than expected. That followed the release of the hotter-than-forecast consumer price index on Wednesday.

This week’s data have boosted bets the US central bank will deliver another interest rate hike, which would be typically negative for non-yielding assets like gold.

Spot gold was steady at $1,910.50 an ounce at 8:29 a.m. in Singapore, with prices down 0.5% for the week. The Bloomberg Dollar Spot Index was flat. Silver and platinum were little changed, while palladium dipped.

Source: Bloomberg



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