Thursday, 4 July 2024 07:25 WIB | GOLD |GOLDEMAS Spot Emas
Gold held a gain, with poor US economic data bolstering the prospect of the Federal Reserve pivoting to monetary easing as soon as September.
The precious metal broke out of its days-long tight trading range and closed 1.2% higher on Wednesday. The increase in buying interest came after figures showed the US services sector contracted in June at the fastest pace in four years, due to a sharp pullback in business activity and declining orders.
The Fed has held its key policy rate in a target range of 5.25% to 5.5% the highest level in more than two decades since last July. The prospect of easing monetary policy a scenario generally supportive for non-interest bearing bullion has helped support gold prices this year, along with purchases from central banks and haven buying amid geopolitical tensions in Ukraine and Middle East.
Nonfarm payrolls data due later this week should also help build a clearer picture of the world’s largest economy. Swaps traders are now pricing in a 70% chance of a rate cut in September.
Spot gold was steady at $2,357.27 an ounce as of 8:20 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed. Silver edged higher after surging 3.3% on Wednesday, while platinum and palladium also gained.
Source : Bloomberg