Gold Steady, Ukraine and European Leaders Head to the White House
Gold prices moved higher early on Monday, with the dollar rising but treasury yields easing as Ukraine President Volodymyr Zelensky and a group of European leaders head to the White House following a Friday summit between the United States and Russia that ended with U.S. President Donald Trump urging Ukraine to surrender territory to Russia in exchange for peace.
Gold for December delivery was last seen up US$9.70 to US$3,392.30, sticking to the tight range it has mostly traded within since late April.
The uncertain outlook for the outcome of the White House meeting is keeping safe-haven buyers at bay, while U.S. inflation continues to run above the Federal Reserve's 2% target, cutting into market expectations for a September rate cut by the central bank. The CME FedWatch Tool now sees an 82.9% probability the central bank will end the Sept.17 meeting of its policy committee with a 25 basis point cut to rates, down from 85.4% on Friday.
"Gold remains stuck near the midpoint of the range that has prevailed for months, as traders await the next trigger-potentially a U.S. rate cut or renewed focus on rising U.S. debt supporting demand for tangible and alternative assets. Attention is also on the annual Jackson Hole summit starting Thursday, as well as today's meeting in Washington.
The dollar rose early, with the ICE dollar index last seen up 0.22 points to 98.07. Treasury yields fell, lowering the carrying cost of owning gold. The U.S. two-year note was last seen paying 3.755%, down 0.8 basis points, while the yield on the 10-year note was down 0.6 points to 4.315%, Saat beritya ini ditulis harga emas bergerak di area $3.337 /
Troy ounce.(ayu)
Sumber: Newsmaker.id
