PT Solid Gold Berjangka | Gold Firms as Dollar, Yields Slip after US PPI Data
GOLD PT SGB SOLID GOLD BERJANGKA SOLID GROUP SG BERJANGKA
Solid Gold Berjangka | Gold prices were near all-time highs set in July on Tuesday as the U.S. dollar and government bond yields fell after U.S. producer prices cemented expectations for a September interest rate cut by the Federal Reserve.
Spot gold was down 0.2% to $2467.80 an ounce by 1:54 p.m. ET (1754 GMT) on profit-taking. Non-yielding gold hit an all-time high of $2483.60 on July 17 and is up 20% so far this year. U.S. gold futures for December settled 0.2% higher at $2507.80.
The dollar fell 0.4% against rival currencies, making gold more attractive to holders of other currencies, and the yield on the benchmark 10-year Treasury note fell to its lowest level in a week.U.S. producer prices for July came in below expectations, indicating that inflation remains moderate.
Traders are now focusing on the U.S. consumer price index (CPI) for July, which will be released on Wednesday, and U.S. retail sales, which will be released on Thursday.They will be looking to July’s CPI and Thursday’s retail sales to determine the next direction of the U.S. central bank’s policy.Spot silver fell 1.2% to $27.68, platinum rose 0.4% to $939.80, and palladium gained 1.8% to $936.29.
SOURCE. Reuters