PT Solid Gold Berjangka | Gold Steadies as US Data Due This Week Set to Fuel Hike Bets
Gold was steady ahead of a key US consumer-price index report due midweek, which will help inform the outlook for the Federal Reserve’s interest rate path.
The figures are expected to show the biggest monthly jump in 14 months, as the US economy appears to be holding up against one of the most aggressive tightening cycles in decades. Bond traders have been ratcheting up bets that the Fed still has further to go, with swaps markets pricing in a roughly 50% chance for another hike in November. Higher rates are typically negative for bullion, which doesn’t yield interest.
Meanwhile, the Bloomberg Dollar Spot Index on Friday notched its eighth straight weekly gain — the longest such run since 2005. A stronger greenback is generally negative for gold
Spot gold was little changed at $1,919.28 an ounce as of 8:06 a.m. in Singapore, after falling 1.1% last week. The Bloomberg Dollar Spot Index slipped 0.3%. Silver, platinum and palladium edged higher.
Source: Bloomberg
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