PT Solid Gold Berjangka | Gold Set for Weekly Gain as US Slowdown Boosts Rate Cut Hopes

01:32 01 December in Commodity, Gold, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

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Solid Gold Berjangka | Gold was on track for a third weekly gain amid fresh signs that a cooling US economy will be supportive of the metal into next year.

An inflation gauge favored by the Federal Reserve increased 0.2% in October, in line with the median forecast, while continuing claims for unemployment benefits rose more than expected. The data supports optimism the central bank’s aggressive monetary tightening campaign has ended.

Swaps markets are now pricing in almost a 50% chance of a rate cut as early as March. Lower borrowing costs are typically positive for non-interest bearing bullion.

Despite dipping 0.4% on Thursday, gold is still trading near its record high after rallying about 12% since early October. The surge was initially sparked by haven buying at the start of the Israel-Hamas conflict.

In recent weeks, the metal has been supported by falling Treasury yields and a weaker greenback.

Spot gold was up 2% for the week after edging 0.3% higher to $2,041.60 an ounce at 8:20 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed. Silver was also on track for a third weekly gain, while platinum and palladium rose.

Source : Bloomberg