PT Solid Gold Berjangka | Gold Holds Near Record as Fed Rate-Cut Optimism Fuels Demand


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

Solid Gold Berjangka | The U.S. is expected to raise interest rates this year as gold soared across the broader metal complex amid investor demand becoming optimistic after reaching a record close on Friday.

Bullion was trading above ounces 2,415 ounces in the early hours of Asia, within the best intraday distance ever reached in January. Traders have boosted their bets in recent sessions that the Fed could cut borrowing costs as early as 9 a.m.

The U.S. dollar fell and U.S. treasuries rebounded last week after data released on Wednesday showed that inflation in March eased more than expected. It paid no interest and provided support for precious metals that are priced in the greenback.

Hedge funds trading comex futures boosted bullish bets on gold in the week leading up to the 14th, according to the latest data from the Commodity Futures Trading Commission.

Elsewhere, geopolitical risks in Russia and the Middle East have resurfaced after a Ukrainian drone strike at a small Russian refinery halted operations on Sunday, and an oil tanker bound for China was hit by a Houthi missile in the Red Sea on Saturday. Precious metals are one of the assets that tend to profit from shelter demand.

Spot gold rose 2,415.22 percent to 2,417.91 ounces as of 0.1am in Singapore after closing at closing2,417.91 an ounce on Friday. The Bloomberg Dollar Spot index was the weakest in more than a month, following last week’s 0.7 percent drop. Silver and palladium slipped, while platinum did little change.

Silver, meanwhile, was trading near 11-year highs after a tightening supply was helped by spillover sentiment in the wider physical metals market, which spurred investor demand. Unlike gold, white metal is also considered an industrial commodity, given its use in things such as solar panels.

Source: Bloomberg