PT Solid Gold Berjangka | Gold Gains as Investors Anticipate Super-Sized Fed Rate Cut
GOLD SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Gold prices rose to near one-week highs on Thursday on the back of a weaker dollar and lower yields after signs that the labor market is losing momentum led investors to expect a very large Federal Reserve rate cut this month.
Spot gold rose 0.9% to $2515.93 per ounce by 2:03 p.m. ET (1803 GMT). The market pared some of the gains after the U.S. service sector data. U.S. gold futures settled 0.7% higher at $2543.10.U.S. private employment in August was the lowest in the past three and a half years, possibly indicating a sharp slowdown in the labor market. This follows data released on Wednesday that showed a sharp decline in the number of U.S. jobs in July.
According to CME’s FedWatch tool, traders now see a 59% chance that the U.S. central bank will cut 25 basis points (bp) this month and a 41% chance that it will cut 50 bp.All eyes are on the nonfarm payrolls (NFP) report to be released on Friday.
Elsewhere, silver was up 1.9% at $28.82, platinum was up 2.7% at $926.74, and palladium was up 0.9% at $942.36.
SOURCE : Reuters