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PT Solid Gold Berjangka | Gold Steadies After Falling 4% Last Week on Outflows From ETFs

02:31 02 October in Commodity, Gold, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP
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Gold steadied after falling 4% last week as a drop below $1,900 an ounce triggered outflows from exchange-traded funds.

Hedge funds cut their bullish gold bets to a five-week low on Friday as bullion capped its worst week since June 2021. A surge in bond yields from the US to Germany and Japan on the prospect of a higher-for-longer global rate scenario is weighing on the precious metal, which doesn’t offer any interest.

Wider financial markets breathed a sigh of relief after a government shutdown in the US was averted over the weekend, with a compromise deal to keep the government running until Nov. 17

Spot gold dipped 0.2% to $1,845.87 an ounce as of 8:43 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat after rising 0.6% last week. Silver fell, while platinum and palladium edged higher.

Source : Bloomberg