Monday, 30 September 2024 07:38 WIB | GOLD |GOLDEMAS

Gold edged up – nearing a record high – as traders waited for a crucial US labor-market report and remarks from Federal Reserve Chair Jerome Powell that may give clues on the scale of the central bank’s next interest-rate cut.

Bullion traded near $2,660 an ounce, after gaining 1.4% last week following a report that showed the Fed’s preferred measure of underlying US inflation rose modestly in August, underscoring a cooling economy. Traders have now priced almost 75 basis points of easing by year-end. Lower rates tend to benefit gold, which doesn’t pay interest.

On Monday, Powell takes the stage at a National Association for Business Economics conference, where he is due to discuss the US economic outlook. At the end of the week, the September jobs report is expected to show a healthy, yet moderating, labor market.

Gold was on track for a 14.5% quarterly rise, its biggest since 2016’s first quarter. As well as rate-cut optimism, it’s been boosted by robust central-bank purchases and increased haven demand amid heightened geopolitical tension in the Middle East and Ukraine. A US presidential election that’s too close to call — and could be massively consequential for markets — is about five weeks away.

Spot gold rose 0.2% to $2,664.74 an ounce as of 7:49 a.m. in Singapore, nearing its all-time high of $2,685.58 reached last Thursday. The Bloomberg Dollar Spot Index was flat. Silver climbed, after last week touching the highest level since 2012 before paring gains. Platinum and palladium gained.

Source : Bloomberg