PT Solid Gold Berjangka | Gold Holds Slump Before Inflation Data That May Shape Rate Path
GOLD EMAS Spot Emas PT SGB Solid Gold Berjangka Solid Group SG Berjangka
Solid Gold Berjangka | Gold prices maintained their decline as traders await key U.S. inflation data that will help shape the Federal Reserve’s monetary policy outlook.
Bullion held steady at just over $2,335 per ounce early in Asian hours after posting a 1% loss in the previous session as traders booked profits ahead of U.S. consumer inflation data due on Wednesday. The figure follows a series of reports indicating that inflation has stalled and that central bank plans to lower borrowing costs this year have run into difficulties.
U.S. Treasury yields rose Monday following a New York Fed survey that forecast consumer prices, which have hovered around 3% for the past four months, will rise at an annual rate of 3.3% over the next year. Both higher yields and higher interest rates are usually headwinds for gold, which does not pay interest.
The market will also focus on producer price data to be released late Tuesday to assess the impact of the categories reflected in the Personal Consumption Expenditure Price Index, the Fed’s preferred inflation indicator. Fed Chairman Jerome Powell is also scheduled to speak.
Gold bullion is up 13% this year and hit a record high last month. Central bank buying and heightened geopolitical risks in the Middle East have underpinned and attracted haven flows. Gold has also been supported by increased demand from China. Investment appetite is surging as investors grapple with a sluggish economy and lackluster markets.
Spot gold was little changed at $2,338.86 an ounce as of 7:58 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver and platinum rose, while palladium was steady.
Source: Bloomberg