PT Solid Gold Berjangka | Gold Holds Near Record After Powell Affirms Rate Cut Next Month
GOLD SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Gold steadied near a record high after Federal Reserve Chair Jerome Powell affirmed expectations the central bank will start cutting interest rates next month.
Bullion traded near $2,510 an ounce after rising 1.1% on Friday. Powell said the “time has come” to pivot to monetary easing at Jackson Hole, Wyoming, on Friday, and also made clear his intention to prevent further cooling in the US labor market. Lower borrowing costs typically increase the attractiveness of gold, which doesn’t pay interest, relative to Treasuries.
The precious metal has surged more than 20% this year in a blistering rally that’s been driven in part by optimism that the Fed was getting closer to its much-anticipated pivot. Haven demand due to heightened geopolitical risks and uncertainty ahead of the US election in November have added to the bullishness, as well as buying from central banks and Asian consumers.
Spot gold was steady at $2,515.12 as of 7:40 a.m. in Singapore after touching a record high of $2,531.75 last week. The Bloomberg Dollar Spot Index was flat, after declining 1.2% last week. Silver was little changed, while platinum and palladium fell.
Source : Bloomberg