PT Solid Gold Berjangka | Gold Steadies After Three-Day Slump Ahead of Powell Speech

02:23 09 November in Commodity, Gold, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

Solid Gold Berjangka | Gold steadied near the lowest in more than three weeks as investors awaited further insight on the outlook for interest rates, with Jerome Powell due to speak at the IMF’s annual research conference.

The US Federal Reserve Chair is set to discuss monetary policy challenges on the panel later Thursday. Markets are pricing in almost no chance of an interest-rate increase in December, amid mounting expectations that the current level of the Fed’s benchmark  — 5.25% to 5.5% — will mark the peak of the tightening cycle. Higher rates are typically negative for non-interest bearing bullion.

The precious metal is down more than 2% so far this week after declining in the previous three sessions as its war-risk premium continues to fade, with the conflict between Israel and Hamas remaining relatively contained.

Spot gold was little changed at $1,950.15 an ounce as of 8:16 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver dipped, while palladium and platinum edged up.

Source : Bloomberg,PT SGB, Solid Group, Solid Gold Berjangka