PT Solid Gold Berjangka | Gold Trades Near Record As Fed Minutes Support Rate Cut Optimism
GOLD SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Gold held a three-day advance that’s taken it closer to its all-time high, after the latest Federal Reserve minutes reinforced the view that the central bank is ready to reduce rates next month.
Bullion was little changed near $2,525 an ounce, after gaining 1.6% in the prior three sessions, as traders took comfort in a report that showed directors at the Federal Reserve Banks of New York and Chicago may have supported an interest-rate cut last month when policymakers met in Washington. The report helps cement ideas that the Fed’s long-awaited pivot is finally here, after Jerome Powell last week confirmed the “time has come” to ease policy. Lower borrowing costs tend to benefit the non-yielding precious metal.
Markets are also looking ahead to US inflation figures due on Friday, which are expected to show the three-month annualized rate of core inflation down to 2.1%, just above the central bank’s 2% target.
Gold has surged more than 20% this year, with the rally fueled by rate cut expectations and large central bank purchases. Haven demand amid ongoing conflicts in the Middle East and Ukraine has also added support.
Spot gold was flat at $2,525.51 at 8:00 a.m. in Singapore after peaking at $2,531.75 last week. The Bloomberg Dollar Spot Index was slightly higher. Silver and palladium rose, while platinum was unchanged.
Source : Bloomberg