PT Solid Gold Berjangka | Gold Steadies After Sharp Selloff as Stock Markets Stabilize
GOLD EMAS Spot Gold PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | Gold was firmer as global stock markets normalized after Monday’s sell-off.Spot bullion was little changed from Monday, which saw the biggest intraday drop since early May before pairing some of these losses, other precious metals like platinum and palladium also stabilized on Tuesday after a sharp fall.
A rebound in the U.S. dollar and a pullback in expectations of a rate cut by the U.S. Federal Reserve weighed on the yellow metal. Meanwhile, exchange-traded funds added 125,101 troy ounces of gold to their holdings in the last trading session.
Monday’s market turmoil could put pressure on traders to liquidate some gold positions to cover margin calls on other assets and prices fell as much as 1.3% before ending the day down 3.2%.
Still, bullion hit an all-time high just a few weeks ago and is still up more than 15 percent this year despite Monday’s sharp fall. Expectations of a rate cut by the Fed (traditionally seen as supporting non-yield on gold) and buying by the central bank are among the main price advocates.1
Goldman Sachs Group Inc.”The long gold position now provides the portfolio with the largest hedging value for the entire product,” the company said in a statement. Analysts, including Daanstruyven, said in a memo Monday night. The bank maintains a price target of22,700 by 2025, adding that the yellow metal offers “significant hedge value” against shocks such as escalating war, trade tariffs and U.S. sovereign debt concerns.
Spot gold was little changed by 11:19 a.m. in London atオ2,414.32 an ounce. The Bloomberg Dollar Spot index rose similar to U.S. 10-year bond yields. While palladium declined, platinum did little change, and silver declined.
Source: Bloomberg