PT Solid Gold Berjangka | Gold Steadies After Gain With Focus on Jobs Data for Fed Clues
GOLD EMAS PT SGB SOLID GOLD BERJANGKA SG BERJANGKA SOLID GROUP
Solid Gold Berjangka | Gold held a gain as traders digested mixed US data ahead of a key jobs reading that may offer clues on the Federal Reserve’s interest-rate path this year.
Bullion was little changed before Friday’s nonfarm payrolls report. While a private payrolls reading on Wednesday showed hiring at companies grew at the slowest pace since the start of the year in a sign of cooling, a separate gauge showed the services sector expanded by the most in nine months.
Fed officials are looking for more evidence that inflation is easing toward the central bank’s 2% target as they consider when to deploy rate cuts. Lower borrowing costs typically boost gold, which doesn’t pay interest.
After surging to a record last month, the metal has traded in a fairly narrow range amid the uncertainty over the rate trajectory. Markets are cautiously boosting bets on cuts, with two almost fully priced in for 2024.
Spot gold was little changed at $2,355.68 an ounce at 8:26 a.m. in Singapore. The Bloomberg Dollar Spot Index was steady. Silver, palladium and platinum were all flat.
Source : Bloomberg