PT Solid Gold Berjangka | Gold Heads for Weekly Drop as US Recession Fears Calm Down
GOLD SOLID GOLD BERJANGKA SG BERJANGKA SOLID GROUP PT SGB
Solid Gold Berjangka | Gold prices were lower on the week as traders awaited further clues about a US interest rate cut after the latest jobs report eased fears of a US recession and global selling sent bullion sharply lower at the beginning of the week.Spot gold was down 0.1% at $242424.03/oz. as of 1000 GMT. U.S. gold futures were unchanged at $2463.10.
Bullion posted its biggest weekly drop since June 7. Prices fell as much as 3% on Monday as investors liquidated positions in conjunction with a sell-off in equities.
U.S. Treasury yields rose after U.S. jobless claims fell more than expected last week, suggesting that fears of a labor market collapse had been exaggerated. The dollar approached a one-week high and bullion was overvalued.
According to the CME’s Fedwatch tool, the market sees a 100% chance of a U.S. interest rate cut in September.
Against this backdrop, silver bullion was down 0.3% from the previous day at $1,936.
Silver was down 0.3% at $27.47/bbl, while platinum was up 0.3% at $928.02/bbl. Silver was 0.3% lower at $27.47 and platinum 0.3% higher at $928.02.
Palladium was up 0.4% to $926.00, a weekly gain despite hitting a 2017 low earlier this week.
Source: reuters