PT Solid Gold Berjangka | Gold Poised for Second Weekly Decline After Mixed US Data
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Solid Gold Berjangka | Gold is headed for a second weekly decline as traders digested mixed US data on spending and inflation for the outlook of the Federal Reserve’s next steps.
Fresh economic readings Friday showed US December personal spending rose 0.7% on a monthly basis, topping forecasts. Meanwhile, the central bank’s preferred gauge of underlying inflation cooled to an almost three-year low, keeping the debate alive over whether officials will soon cut borrowing costs. Treasury yields wavered in response, causing gold to fluctuate.
The mixed data is keeping the debate alive over whether policymakers will soon start lowering borrowing costs. The Fed will announce its rate decision on Jan. 31 after its first meeting this year.
Bullion has traded within the tightest range since December 2021, with firm support seen in the $2,000 to $2,005 an ounce range, according to Ole Hansen, head of commodities strategy at Saxo Bank A/S. The metal’s upside remains limited “until we get a better understanding about the timing, pace and depth of future US and EU rate cuts.”
Gold was little changed at $2,020.29 an ounce as of 9:48 a.m. in New York, taking weekly losses to 0.5% after slipping 1% last week.
Source : Bloomberg