Monday, 24 June 2024 07:53 WIB | GOLD |GOLDEMAS Spot Emas
Gold steadied after a modest weekly loss, with recent data showing resilience in the US economy reducing the likelihood that the Federal Reserve will deliver more than one interest rate cut this year.
The precious metal lost 0.5% last week, following signals from Fed officials that they expect to reduce borrowing costs only once this year, compared with a forecast for three reductions in March. Figures released Friday showed US services activity picked up early this month to the fastest pace in more than two years, spotlighting the central bank’s struggles to cool the economy and get inflation back to its 2% target.
Bullion reached a record last month and remains up 12% this year, bolstered by bets that the Fed will pivot to easing a positive scenario for gold as it doesn’t pay interest. Haven buying due to the conflicts in Ukraine and the Middle East, as well as increased purchases by central banks and Chinese consumers, have also supported the precious metal
Later this week, traders will be looking to the Fed’s preferred gauge of inflation for indications on whether cost pressures may be easing
Spot gold edged 0.2% lower to $2,318.20 an ounce at 8:27 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver and platinum fell, while palladium was little changed.
Source : Bloomberg