PT Solid Gold Berjangka | Gold Steadies Ahead of US Jobs Data That May Shape Fed Rate Path
GOLD SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Gold prices are holding above $2,500 an ounce as traders look ahead to the U.S. labor statistics later this week, which could provide clues about the size and pace of the Federal Reserve’s interest rate cuts.
Bullion was little changed in early Asian hours after closing 0.7% lower on Friday. The next indicators of economic strength will be New Unemployment Insurance Claims, which will be released on Thursday, and Nonfarm Payrolls the following day. Any sign of weakness in the labor sector would support a shift to more dramatic monetary easing.
Bullion has surged more than 20% this year on widespread optimism that the Fed will begin cutting interest rates this month. Lower borrowing costs typically benefit precious metals, which do not pay interest. Steady over-the-counter buying and strong evacuation demand due to conflicts in the Middle East and Ukraine also helped fuel the rally.
Spot gold was flat at $2503.02 at 8:12 a.m. in Singapore after hitting an all-time high of $2531.75 in August. Gold recorded consecutive monthly gains. The Bloomberg Dollar Spot Index was little changed. Silver and palladium rose while platinum fell.
Source: Bloomberg