PT Solid Gold Berjangka | Gold Holds Decline as Fed Shows Reluctance for Quick, Deep Cuts

01:36 04 January in Commodity, Gold, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

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Solid Gold Berjangka | Gold steadied after falling for a fourth consecutive day, as Federal Reserve policymakers pushed back against expectations for aggressive monetary easing early in 2024.

Minutes from the central bank’s December meeting released Wednesday showed policymakers agreed that it would be appropriate to maintain a restrictive stance “for some time,” while acknowledging they were probably at the peak rate and would begin cutting in 2024.

The metal hit a record in early December and ended the year 13% higher on speculation the Fed was set to loosen monetary policy as inflation abates and the labor market cools, which would benefit non-yielding assets.

Data released Wednesday showed a measure of American factory activity remained stuck in contraction territory for a 14th month at the end of 2023, while job openings eased in November to the lowest level since early 2021.

Gold was little changed at $2,043.07 an ounce as of 8:07 a.m. in Singapore after closing down 0.9% in the previous session. The Bloomberg Dollar Spot Index was flat. Palladium gained, while silver and platinum were steady.

Source : Bloomberg