PT Solid Gold Berjangka | Gold Advances to Highest in a Week Ahead of US Inflation Data
GOLD PT SGB SOLID GOLD BERJANGKA SOLID GROUP SG BERJANGKA
Solid Gold Berjangka | Gold rose ahead of US economic data due later this week, with traders focused on whether the prints will reinforce bets the Federal Reserve will soon pivot to monetary easing.
Bullion was trading near $2,455 an ounce after dropping 0.5% last week. Investors are preparing for US Producer Price Index figures due Tuesday and Consumer Price Index numbers on Wednesday. Both will shed light on inflation in the world’s largest economy.
Fed Governor Michelle Bowman meanwhile said Saturday that she still sees upside risks for inflation and continued strength in the labor maret, signaling she may not be ready to support a rate cut in September. Higher borrowing costs are typically negative for gold, because it doesn’t pay interest.
The precious metal has gained almost 19% this year and remains in touching distance of last month’s all-time high. Along with rate-cut expectations, it’s also been supported by firm central bank buying and robust demand from Chinese consumers. Rising Middle East tensions have also bolstered gold’s appeal as a haven asset.
Gold remains “supported by geopolitical risks and anticipated Federal Reserve rate cuts amid heightened tensions involving Iran, Israel, and Ukraine,” according to a Monday report from Saxo Bank A/S.
Spot gold rose 1% to $2,454.90 an ounce by 2:49 p.m. in London. The Bloomberg Dollar Spot Index gained 0.1%. Palladium, platinum and silver all advanced.
Source : Bloomberg