PT Solid Gold Berjangka | Gold Surges as Escalating Middle East Tensions Bolster Demand
GOLD EMAS Perak SILVER PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | Safe-haven gold gained on Thursday as persistent tensions in the Middle East added to the metal’s appeal despite robust economic data from the U.S. that raised prospects of fewer interest rate cuts.
Spot gold firmed 1% at $2,384.83 per ounce at 1:47 p.m. ET (1747 GMT). Prices touched an all-time high of $2,431.29 last Friday.
U.S. gold futures settled 0.4% higher at $2,398.
In the Middle East, Israel has signalled it will retaliate to a volley of attacks from Iran despite calls for restrain from Western countries but has not said how.
Bullion’s upside came despite data showing U.S. weekly jobless claims were unchanged at low levels last week. Strong U.S. economic data and hawkish rhetoric from Fed officials have prompted investors to drastically rethink the chances of the Federal Reserve cutting rates any time soon.
Higher interest rates reduce the appeal of holding non-yielding gold.
Bank of China International (BOCI) analyst Xiao Fu said that with rate cut expectations from the Fed coming down and with the natural profit-taking that comes when prices rally quickly, there might be some pressure on gold, but a sharp decline is unlikely.
Spot silver rose 0.3% to $28.30 per ounce.
Platinum gained 0.7% to $944.25 and palladium added 0.1% to $1,027.34.
Source : Reuters