PT Solid Gold Berjangka | Gold resumes retreat despite soft jobs report as traders book profits
GOLD EMAS Spot Emas SILVER PT SGB Solid Group Solid Gold Berjangka SG Berjangka
Solid Gold Berjangka | The decline in gold prices to a one-month low on Friday, despite weaker-than-expected U.S. jobs data, reflects a continuation of the correction from last month’s impressive rally. Investors opted to book profits amidst a backdrop of easing geopolitical risks.
Spot gold dipped 0.1% to $2,300.09 per ounce, marking its second consecutive weekly decline, down 1.8% thus far. Meanwhile, U.S. gold futures saw a marginal decrease to $2,309.10.
Following the release of U.S. nonfarm payrolls data showing an increase of 175,000 jobs last month—lower than economists’ expectations of 243,000—gold prices briefly surged to $2,320.78 before relinquishing gains. Despite the weaker jobs data reinforcing expectations of Federal Reserve interest rate cuts this year, typically supportive for zero-yield assets like gold, investors leaned towards riskier assets instead.
Interestingly, gold appeared to overlook a consequent decline in U.S. Treasury yields.
The safe-haven appeal of gold has waned recently, with a retreat of 5.7% or about $140 since reaching a record high of $2,431.29 in April, driven by geopolitical tensions in the Middle East and robust central bank buying.
Silver followed gold’s trajectory, falling 1% to $26.4393, poised for a weekly decline. However, platinum saw a gain of 0.8% to $956.85, marking a weekly increase of around 5%, while palladium also rose 0.8% to $942.4527.
Source: Reuters