PT Solid Gold Berjangka | Gold Prices Hover Near Record High Post US Fed Minutes
GOLD SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Gold prices regained lost ground on Wednesday and remained near all-time highs following minutes of the Federal Reserve’s September policy meeting that showed the central bank was strongly inclined to cut interest rates.
Spot gold was 0.1% higher at $2516.01 per ounce as of 2:42 PM ET (1842 GMT) after hitting an all-time high of $2531.60 on Tuesday.
U.S. gold futures were down 0.1% at $2547.50.
Gold is closing higher because the Fed minutes showed that the ‘majority’ of the committee is ready to cut rates in September,” said Ty Wong, an independent metals trader in New York.
“I am cautiously optimistic because of the positive news already in the market. Gold will move higher, but I don’t see it accelerating aggressively barring any unforeseen events.”
According to the minutes, “a majority” of policymakers at the July meeting “expressed the view that if the data were largely in line with expectations, it would be appropriate to ease policy at the next meeting.”
Market attention will turn to Fed Chair Jerome Powell’s keynote address at the Jackson Hole Symposium on Friday.
Silver rose 0.6% to $29.61. Platinum rose 2.6% to $970.75 and palladium rose 2.7% to $951.00, its highest in over a month.
Source: Reuters