PT Solid Gold Berjangka | Gold Moves Lower as a Price Correction Continues for the Metal
GOLD EMAS PT SGB SOLID GOLD BERJANGKA SOLID GROUP SG BERJANGKA
Solid Gold Berjangka Gold prices eased early on Monday even as the dollar dipped ahead of this week’s meeting of the Federal Reserve’s policy committee with the price of the metal continuing to correct after rising to a record earlier this month.
Gold for June delivery was last seen down US$2.80 to US$2,344.40 per ounce, down from the record close of US$2,413.80 on April 19.
“The correction in gold has so far not been big enough to trigger long liquidation from funds who at the beginning of March bought bullion aggressively below USD 2200. Focus on yields, dollar and this week’s FOMC meeting,” Saxo Bank noted.
The Federal Open Market Committee will begin its two-day meeting on Tuesday and is widely expected to leave rates unchanged. The CME Fedwatch Tool sees a 97.1% probability the central bank will keep rates unchanged, while the spotlight will be on when and if rates cuts will begin as inflation remains above the 2% target.
The dollar was lower, making gold more affordable for international buyers. The ICE dollar index was last seen down 0.13 points to 105.81.
Treasury yields also weakened, lowering the carrying cost of owning gold. The US two-year note was last seen paying 4.991%, down 1.3 basis points, while the yield on the 10-year note was down 2.6 basis points to 4.643%.
Source : MT Newswires