PT Solid Gold Berjangka | Gold firms on yields weakness as focus turns to U.S. jobs data
GOLD Spot Emas Solid Group, SG Berjangka, PT SGB
Solid Gold Berjangka | Gold prices inched higher on Wednesday buoyed by lower bond yields, while investors awaited for a crucial U.S. employment report that could set the tone for Federal Reserve’s policy meeting next week.
Spot gold rose 0.2% to $2,022.39 per ounce by 1038 GMT. U.S. gold futures also gained 0.2% to $2,039.90.
Helping bullion, benchmark 10-year Treasury yields hovered near a three-month low.
Bullion climbed to a record high of $2,135.40 on Monday on elevated bets for a Fed rate cut, before dropping more than $100 in the same session, due to uncertainty over the timing of the monetary policy easing.
Traders are pricing in about a 60% chance of a rate cut by March next year, CME’s FedWatch Tool shows.
Data on Tuesday showed U.S. job openings fell to a more than 2-1/2-year low in October, signaling that aggressive rate hikes have started to flow through the economy.
Source: CNBC