PT Solid Gold Berjangka | Gold Jumps Over 1% on Reports of Iran’s Potential Attack on Israel
GOLD SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Gold prices jumped over 1% on Tuesday on safe-haven demand as fears of a full-out war in the Middle East escalated after Iran appeared to be preparing to launch a ballistic missile attack against Israel.
Spot gold gained 1% to $2,661.99 per ounce, as of 11:18 a.m. ET (1518 GMT), after hitting an all-time high of $2,685.42 on Thursday. U.S. gold futures rose 0.9% to $2,683.70.
The United States has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel, a senior White House official said.
Gold is used as a safe investment during times of political and financial uncertainty.
Meanwhile, Benchmark U.S. 10-year bond yield slipped, making non-yielding bullion more attractive.
The market will closely watch U.S. labour data this week, and remarks from various Federal Reserve officials, for more hints on the Fed’s policy stance.
Bullion on Monday posted its worst day in over four weeks after Fed Chair Powell suggested the Fed will likely pursue quarter-percentage-point cuts moving forward.
However, the causes of the recent rally; expectations of lower U.S. interest rates and safe-haven demand driven by geopolitical instability, remain intact, said Ricardo Evangelista, senior analyst at ActivTrades.
Spot silver rose 1.1% to $31.48 per ounce, platinum gained 1.9% to $992.60, while palladium added 0.7% to $992.72.
Source : Reuters