PT Solid Gold Berjangka | Gold Steadies After Drop Before Powell Speech, US Inflation Data
GOLD EMAS Spot Gold PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | Gold prices firmed up after posting the biggest decline in the past two weeks ahead of the Federal Reserve governor’s speech to Congress and this weekend’s U.S. inflation data.
Bullion was trading around $2,362/oz, down 1.4% in the previous session, ahead of Federal Reserve Chairman Jerome Powell’s semi-annual congressional testimony on Tuesday and Wednesday. Chairman Powell will likely face pressure from lawmakers to cut rates.
Swap data shows that traders have factored in two rate cuts this year and there is about a 70% chance that a rate cut will take place in September. Lower borrowing costs are usually a plus for bullion that does not pay interest.
Elsewhere, traders will focus on Thursday’s release of the U.S. Consumer Price Index (core, excluding food and energy costs), which is expected to rise 0.2%, the first increase in two months for June. This is the lowest increase since August and close to the pace at which Fed officials want to cut interest rates.
Spot gold was up 0.1% at $2,362.5 an ounce as of 8:46 a.m. in Singapore. Silver was slightly below $31 an ounce after falling 1.5% on Monday, while palladium and platinum rose.
Source: Bloomberg