PT Solid Gold Berjangka | Gold Gets Dragged Into Selloff as Share Slide Jolts Investors
GOLD EMAS PT SGB SOLID GROUP SOLID GOLD BERJANGKA SG BERJANGKA
Solid Gold Berjangka | Gold fell as much as 1.2% in early Asian trading, dragged down by global stock weakness.Spot gold bullion, which rose to all-time highs last week, fell toward $2,425 an ounce as Asian stocks plunged at the end of the week. Growing concerns about a deepening U.S. economic slowdown weighed on the market, with traders worried that a Federal Reserve rate cut could be on the back burner.
The sell-off was also outweighed by fears that tensions in the Middle East could escalate into a direct conflict between Israel and Iran. Israel is bracing for a possible attack from Iran and its militias in retaliation for the assassination of Hezbollah and Hamas officials.
Precious metals continue to be one of the strongest performing major commodities this year, helped by central bank buying, Asian consumers, and expectations that the Fed has been close to cutting rates in recent months. Gold typically benefits from flight demand in times of financial and geopolitical stress, but can weaken in times of particularly sudden and pronounced crashes in risk assets.
Gold bullion for immediate delivery fell 0.7% to $2,426.19 an ounce as of 9:05 a.m. in Singapore, despite a decline in the yield on the 10-year Treasury note. The precious metal rose more than 2% last week, topping $2,477, just $10 shy of its all-time high.
In other metals, silver fell more than 1% toward $28 an ounce, palladium was at its lowest since February, and platinum declined.
Source: Bloomberg