PT Solid Gold Berjangka | Gold Holds Decline Before Fed Speech That May Offer Rate Clues
GOLD SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Gold continued to fall as a speech by Federal Reserve Chairman Jerome Powell may provide new clues on the direction of the central bank’s monetary policy, which has reduced market speculation of a U.S. interest rate cut.
Chairman Powell’s speech may provide new clues on the direction of the central bank’s monetary policy. Lower interest rates are generally positive for non-interest-bearing bullion.
Gold has traded in a relatively narrow range this week after hitting an all-time high on Tuesday. The precious metal is up more than 20% in 2024, supported by massive central bank buying and flight demand from ongoing conflicts in the Middle East and Ukraine. There has also been healthy buying of physical bars on the over-the-counter market.
Spot gold was trading modestly at $2,486.38 an ounce as of 8:17 a.m. in Singapore, on track for a weekly decline of 0.8%. The Bloomberg Dollar Spot Index was down slightly after rising 0.4% on Thursday. Silver rose, while platinum and palladium were steady.
Source: Bloomberg