
PT Solid Gold Berjangka | Gold Steadies as Traders Watch Middle East Diplomatic Efforts
Gold steadied after dropping at the start of the week, with traders closely watching as the US ramps up efforts to prevent the Israel-Hamas war from expanding into a regional conflict.
Haven demand has waned with President Joe Biden set to travel to Israel Wednesday in a visit designed to signal US solidarity with its closest Middle East ally and prevent the conflict from widening. Still, the threat of further escalation continues to provide support for bullion, with Israeli defense minister Yoav Gallant telling the US to expect a “long war” against Hamas.
The precious metal is also seeing some pressure from rising yields, with Treasury futures edging further down in Asia trading — reversing last week’s flight-to-quality gains that were driven by haven demand.
Spot gold fell as much as 0.4% before trading little changed at $1,920.91 an ounce as of 10:04 a.m. in London, following a 0.7% loss on Monday. The Bloomberg Dollar Spot Index rose 0.2%. Silver and platinum were little changed, while palladium declined.
Source : Bloomberg, PT SGB, SOLID GROUP, SOLID GOLD BERJANGKA