PT Solid Gold Berjangka | Gold Steadies After Nine-Day Rally Ahead of US Inflation Data
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Solid Gold Berjangka | Gold has stabilized after a significant nine-day surge, hovering near $2,180 an ounce in Asia. This surge has seen gold rise more than 7% and achieve record highs on consecutive days.
Investor focus is now on the upcoming US consumer price index (CPI) report for February, scheduled for release on Tuesday. A higher-than-expected CPI reading could potentially limit further gains in gold. This is because it would indicate a delay in the Federal Reserve’s plan to cut interest rates, which are generally favorable for gold as it doesn’t offer interest.
Despite no major changes in expectations for the Fed’s rate-cutting timeline recently, gold’s rapid rally has surprised some investors. Geopolitical tensions in the Middle East and Ukraine have boosted gold’s status as a safe-haven asset. Additionally, central banks, particularly China’s, continue to increase their gold holdings.
As of the latest update, spot gold has declined slightly to $2,180.81 an ounce as of 9:43 a.m. in Singapore. The Bloomberg Dollar Spot Index remains steady. Other precious metals like silver and platinum are relatively unchanged, while palladium has edged higher.
Source: Bloomberg