PT Solid Gold Berjangka | Gold Poised for Second Weekly Drop as War-Haven Premium Fades

01:14 10 November in Commodity, Gold, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP


Solid Gold Berjangka | Gold was on track for its second weekly decline as fears the conflict in the Middle East may broaden into a region-wide war have eased, reducing haven demand.

In the wake of the attacks by Hamas on Israel almost five weeks ago, gold surged to more than $2,000 an ounce for the first time since May. The precious metal has slipped more than 2% in the past two weeks, even as doubts remain over whether the Federal Reserve’s monetary tightening has ended.

Fed Chair Jerome Powell told an International Monetary Fund conference in Washington on Thursday that the US central bank will continue to move carefully but won’t hesitate to tighten policy further if needed. He added that policymakers are committed to ensuring inflation return to their 2% target, with higher rates generally negative for non-interest bearing bullion.

Spot gold was little changed at $1,959.49 an ounce as of 8:06 a.m. in Singapore, on track for a 1.7% weekly decline. The Bloomberg Dollar Spot Index was flat. Silver and platinum were steady, while palladium gained after on Thursday dropping below $1,000 an ounce for the first time in five years.

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