Monday, 7 October 2024 07:59 WIB | GOLD |GOLDEMAS
Gold held steady as traders weighed simmering Middle East tensions against a stronger-than-expected U.S. jobs report that dampened hopes for aggressive interest rate cuts by the Federal Reserve this year.
Bullion traded near $2,650 an ounce after closing little changed on Friday. The Middle East remains on edge, with Israel sending troops back into northern Gaza over the weekend and markets eyeing a response to last week’s Iranian missile strikes, which have boosted demand for safe-haven assets like bullion.
Traders were also assessing the interest rate outlook after Friday’s U.S. hiring report beat all estimates, causing the market to trim bets on a possible half-point interest rate cut in November. Lower interest rates tend to benefit the precious metal, as it doesn’t pay interest. Read More: Bond Traders Brace for ‘No Landing’ After Jobs Surprise
Gold has surged nearly 30% this year — hitting a series of record highs in the process — with the latest rally fueled by optimism about interest rate cuts. The metal has also been boosted by robust central bank buying and safe-haven demand.
Spot gold fell 0.1% to $2,651.57 an ounce as of 7:29 a.m. in Singapore, below an all-time high of $2,685.58 hit in September. The Bloomberg Dollar Spot Index was steady. Silver edged higher, palladium rose and platinum was flat. (ayu)
Sumber: Bloomberg