PT Solid Gold Berjangka | Gold Rises Over 1% on Safe-Haven Demand
GOLD PT SGB SOLID GROUP SG BERJANGKA SOLID GOLD BERJANGKA
Solid Gold Berjangka | Gold prices rose more than 1% on Monday to their highest level since August 2. Traders were driven by inflows into safe-haven assets as they awaited this week’s U.S. inflation data, which could shed further light on the Federal Reserve’s rate-cutting path.
Spot gold rose 1.5% to $2468.25 per ounce as of 1818 GMT. U.S. gold futures settled 1.2% higher at $2,504.
Jim Wykoff, senior analyst at Kitco Metals, said, “What we’re seeing in the gold and silver markets today is price support from the bullish gold chart that is prompting some technical buying.”
Israeli forces forced an operation near the southern Gaza city of Khan Younis on Monday amid international calls for an agreement to halt fighting in Gaza and prevent it from descending into a wider regional conflict with Iran or its proxies.
Investors will also be looking to Tuesday’s U.S. producer price index and Wednesday’s U.S. consumer price index for a clearer view of inflation.
Bullion is considered a hedge against geopolitical and economic uncertainty and tends to grow in a low interest rate environment.
Elsewhere, silver was up 1.8% at $27.94, platinum was up 2.2% at $942.20, and palladium was up 1.7% at $919.36.
SOURCE. Reuters