PT Solid Gold Berjangka | Gold Steadies Before US Inflation Data Bring Clues on Rate Path
GOLD EMAS SILVER PT SGB SOLID GOLD BERJANGKA SOLID GROUP SG BERJANGKA
Solid Gold Berjangka | Gold steadied after rising almost 1% on Tuesday, before US inflation data that may shed light on the Federal Reserve’s rate path.
Bullion traded near $2,356 an ounce ahead of the release of the core consumer price index later on Wednesday. The data are forecast to show underlying inflation in the US probably moderated in April for the first time in six months, which could bolster the case for rate cuts this year, a positive for gold as it doesn’t pay interest.
The precious metal has traded in a fairly narrow range over the last few weeks following a blistering rally that saw it set successive records in March and April. It’s up about 14% this year, with gains underpinned by central bank buying, heightened geopolitical risks, and consumer demand in China. It’s surged despite the anticipated timing of the Fed’s pivot being pushed back.
Spot gold dipped 0.1% to $2,356.47 an ounce as of 8:17 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver was steady, while palladium edged higher.
Platinum jumped, and has surged about 5% this week as the World Platinum Investment Council revised forecasts to forecast a bigger deficit of 476,000 ounces this year. Mine supply will fall by 3%, the council said in a report.
Source: Bloomberg