Without Official US Data, Here's What Happens to Gold!
Gold prices held steady after rising nearly 2% in the previous session, as traders weighed the uncertain US economic outlook, further complicated by a lack of official data. On Thursday, gold traded just below $4,200 an ounce, maintaining a fourth straight day of gains, its longest rally in a month.
While US lawmakers are expected to end the longest government shutdown in history, the White House warned that official October employment and inflation reports are unlikely to be released. The data vacuum during the shutdown has forced investors to rely on private statistics to gauge the health of the world's largest economy.
Gold has risen nearly 5% this week, partly on expectations of further interest rate cuts once the US government resumes operations—a boon for the non-interest-bearing precious metal. However, policymakers are divided on the need for further reductions in borrowing costs. Atlanta Federal Reserve President Raphael Bostic and Bank of Boston President Susan Collins both favor keeping rates steady to curb inflation.
At 7:56 a.m. Singapore time, gold prices edged down 0.1% to $4,192.82 per ounce. The Bloomberg Dollar Index remained flat, while silver held steady near a record high, platinum fell slightly, and palladium remained virtually unchanged. (asd)
Source: Newsmaker.id
