Gold Steady Near Record High as Traders Digest Fed Rate Outlook
Gold Steady Near Record High as Traders Digest Fed Rate Outlook | Emas Stabil Mendekati Rekor Tertinggi karena Pedagang Mencerna Pandangan Suku Bunga Fed
Gold was steady, after hitting a record high in the previous session, as traders digested divergent views from Federal Reserve officials on the future direction of U.S. interest rates.
Bullion was trading near $2,720 an ounce after rising as much as 0.7% on Monday before closing slightly lower. Kansas City Fed Bank President Jeffrey Schmid said he favors a slower pace of tapering, while his San Francisco counterpart Mary Daly reiterated her view on the need to implement additional cuts to protect against a labor market slump.
The precious metal has surged by almost a third this year, hitting back-to-back all-time highs, with the rally gathering pace in recent months as the Fed pivots to rate cuts. Worsening conflicts in the Middle East and a tight U.S. election just weeks away have also fueled safe-haven demand. Money managers have increased their net-long positions in gold in recent sessions, while investors have also added to holdings of exchange-traded funds.\
Spot gold rose 0.1% to $2,722.95 an ounce as of 8:06 a.m. in Singapore after hitting a record $2,740.59 on Monday. The Bloomberg Dollar Spot Index was steady after rising 0.4% in the previous session. Silver and palladium were slightly higher, while platinum was slightly lower.
Source: Bloomberg
