PT Solid Gold Berjangka | Gold Steady After Falling as Fed Rate-Cut Bets Pushed Back
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Solid Gold Berjangka | Gold was steady after dropping more than 1% on Friday as a hotter-than-expected US jobs report reduced hopes of US interest-rate cuts early next year.
The data, which spurred a jump in Treasury yields, suggests the Federal Reserve may be forced to hold rates higher for longer to cool the labor market. Swaps markets are now pricing in a roughly 40% chance of a cut in March, down from 55% a week ago.
After surging in October and November, bullion is down sharply this month. It touched a record high last Monday, but those gains were rapidly unwound on signs the market may have been too aggressive on bets for lower rates, which typically benefit the precious metal that doesn’t offer any interest.
Investors will be watching US inflation data due Tuesday, ahead of the Fed’s final rate decision of the year the following day.
Gold rose 0.1% to $2,005.80 an ounce as of 8:41 a.m. in Singapore after falling 3.3% last week, the most since September. The Bloomberg Dollar Spot Index was flat. Silver, platinum and palladium all moved higher.
Source : Bloomberg