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Indonesia News Portal for Traders | Financial & Business Updates

30 October 2024 08:02  |

Gold Edges Higher, U.S. Economic Data in Focus

Gold edges higher in early Asian trade as it continues a recent run of printing fresh record highs. Investors are focusing on critical U.S. economic data including advance 3Q GDP estimates due later, FlowCommunity commercial director Tito Iakopa says in an email.

Stronger-than-expected data could reinforce the Federal Reserve's cautious stance and lead to fewer, smaller interest-rate cuts than what markets currently expect, Iakopa adds. Gold typically has an inverse relationship with interest rates, with high rates damping demand for non-interest bearing bullion. Spot gold is up 0.1% at $2778.13/oz.

Source : Dow Jones Newswires

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