PT Solid Gold Berjangka | Gold Closes Down From a Record High As Markets Parse Federal Reserve Comments

01:42 05 April in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

GOLD EMAS Emas berjangka PT SGB Solid Gold Berjangka SG Berjangka Solid Group

Solid Gold Berjangka | Gold closed lower on Thursday for the first time in eight sessions following a record run that pushed prices above US$2,300 for the first time as investors mull day-prior comments from Federal Reserve chair Jerome Powell while they await interest-rate cuts from the central bank.

Gold for June delivery closed down US$6.50 to settle at US$2,308.50 per ounce.

The drop follows on a Wednesday speech by Powell, who said the central bank will need to be assured inflation is tracking down to its 2% target as data continues to show the US economy remains hot.

The Fed is expected to cut rates three times this year by a total 75 basis points but contradictory statements by its officials have clouded the outlook.

The dollar moved lower early, making gold more affordable for international buyers. The ICE dollar index was last seen down 0.19 points to 104.06.

Treasury yields were higher. The US two-year note was last seen paying 4.702%, up 2.1 basis points, while the yield on the 10-year note was up 0.3 basis points to 4.358%.

Source: MT Newswires