
PT Solid Gold Berjangka | Gold Holds Decline as Inflation Data Bolsters Chance of Fed Hike
Gold steadied after falling for a second day, as fresh US inflation data indicated the Federal Reserve may implement further monetary tightening this year.
The core consumer price index, which excludes food and energy costs, rose 0.3% in August from a month before, above the median economist forecast. Swaps traders now see about a 50% chance of another US central bank increase in its bid to bring inflation under control.
Treasury yields gained following the print — both higher yields and interest rates are typically negative for non-interest bearing gold.
Bullion on the Shanghai Gold Exchange traded at a premium of more than $90 an ounce on Wednesday, according to calculations by Bloomberg. That’s the highest since the exchange was founded over two decades ago, as a weak yuan drove up prices in recent weeks.
Spot gold was little changed at $1,909.28 an ounce at 7:54 a.m. in Singapore, after sliding 0.3% in the previous session. The Bloomberg Dollar Spot Index was flat. Silver was steady, platinum edged lower, while palladium gained.
Source: Bloomberg
No Comments