PT Solid Gold Berjangka | Gold Eases After Three-Day Gain as Key US Inflation Data Looms
GOLD EMAS PT SGB SOLID GOLD BERJANGKA SOLID GROUP SG BERJANGKA
Solid Gold Berjangka | Gold eased after a three-day rally that put it near a record, as investors awaited key US data due Friday that may influence the Federal Reserve’s monetary-easing path.
Markets are gearing up for the central bank’s preferred inflation gauge that’s expected to show it probably remained uncomfortably high in February a scenario which could see central bank policymakers re-think their plans to implement three rate cuts in 2024. Higher rates are typically negative for the non-interest bearing precious metal.
Comments on Wednesday from Fed Governor Christopher Waller supported the argument for delayed or fewer cuts this year, calling for “at least a couple months of better inflation data” before pivoting to lower borrowing costs. Swaps markets have trimmed wagers for a rate reduction in June to 60% from 69% late last week.
Meanwhile, bullion has seen some support from falling yields on US Treasuries, driven by strong results at two auctions for five- and seven-year notes on Tuesday and Wednesday, respectively.
Spot gold was 0.3% lower to $2,188.71 an ounce as of 8:06 a.m. in Singapore, to be more than 1% higher this week. The Bloomberg Dollar Spot Index was up 0.1%. Silver, platinum and palladium all declined.
Source : Bloomberg