PT Solid Gold Berjangka | Gold Holds Gain as Markets Await US Data for Rate-Path Clues
GOLD EMAS Spot Emas PT SGB Solid Gold Berjangka Solid Group SG Berjangka
Solid Gold Berjangka | Gold prices rose ahead of key U.S. economic indicators due later this week, which are expected to support a rate cut this year.Bullion traded near $2,410 an ounce after rising 0.5% on Tuesday. Personal consumption expenditures to be released on Friday are expected to show easing upward pressure on prices, which could strengthen the case for a rate cut. Lower borrowing costs are usually bullish for precious metals, which do not pay interest rates.
Meanwhile, yields on 2-year Treasuries fell and investors flooded into Tuesday’s $69 billion Treasury bond auction, pushing gold higher. This record demand is indicative of the market’s strong belief that the Fed will soon turn to an accommodative policy, a scenario that helped push gold bullion to all-time highs last week.
Haven demand has also supported bullion in recent weeks as the U.S. election campaign has been noisy. This week, the market is much calmer as President Joe Biden has left the campaign trail, but volatility is likely to continue to increase.
Spot gold was steady at $2,410.19 as of 8:15 AM in Singapore. The Bloomberg Dollar Spot Index was little changed. Silver was flat, while platinum and palladium fell.
Source: Bloomberg