PT Solid Gold Berjangka | Gold Edges Up on Fed Rate-Cut Hopes, Geopolitical Risks
GOLD EMAS Spot Emas PT Solid Gold Berjangka Solid Group PT SGB SG Berjangka
Solid Gold Berjangka | Gold prices were slowly higher on Monday on rising geopolitical tensions in the Middle East and expectations of a U.S. interest rate cut in September as attention turned to this week’s Federal Reserve policy meeting.Spot gold rose 0.1% to $2,387.42 per ounce.
Non-yielding gold is up 3% in July after hitting an all-time high of $2,483.60 on July 17 on speculation of a September rate cut by the Federal Reserve.The market expects the Fed to lay the groundwork for a September rate cut at Wednesday’s policy meeting after a muted June inflation report.
Supporting demand for gold as a hedge against geopolitical risk are fears of escalating conflict in the Middle East following rocket attacks in the Israeli-occupied Golan Heights.
As for physical demand, gold consumption in China, the world’s largest gold consumer, fell 5.6% in the first half of 2024, while gold jewelry demand fell 26.7% amid high gold prices, while purchases of gold bars and coins surged 46%.
Spot silver gained 0.6% to $28.049, while JP Morgan said silver prices could average $36 in 2025.
Source: Reuters