PT Solid Gold Berjangka | Gold Steady Near Two-Week Low Ahead of Key US Inflation Data
Gold held near a two-week low before inflation data that’s expected to give a clearer picture of the US interest-rate path.
The US CPI for August, to be released Wednesday, will provide evidence on the effectiveness of the Federal Reserve’s inflation-busting tightening campaign and whether further hikes are needed. Higher rates are generally negative for non-interest bearing gold.
Bullion has been under pressure with the dollar gaining for the past eight weeks. It fell below its 200-day moving average on Tuesday, closing down 0.5%.
Spot gold was little changed at $1,913.26 an ounce as of 8:36 a.m. in Singapore. The Bloomberg Dollar Spot Index declined 0.1%. Silver, platinum and palladium were steady.
Source: Bloomberg
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