Gold Steady Ahead of US Data Eropa Session
Gold prices were stable on Thursday, supported slightly by a 0.1% weakening of the US dollar, making dollar-denominated gold more affordable for overseas buyers. Spot gold was at $3,737.01/oz (03:47 GMT), while December futures were flat at $3,767.90. On the policy front, Mary Daly (San Francisco Fed) expressed support for last week's interest rate cut and still sees room for further declines.
Technically, analyst Ilya Spivak believes the gold rally could reflect expectations that the Fed will allow the US economy to "run hot" while refocusing on the labor market. Initial support is seen at $3,700 and then $3,600. If resistance near the $3,790 peak is broken, the next target is $3,870–$3,875, or even $4,000.
Market focus is on Friday's PCE (Personal Expenditure Price Index)—the Fed's favorite inflation measure—which is expected to be +0.3% month-on-month and +2.7% year-on-year. Some market participants believe the impact on gold will be limited unless the inflation figures far exceed expectations. Meanwhile, the US weekly jobless claims release Thursday evening WIB will provide the latest signals on labor market conditions.
Macroeconomically, the market still expects two Fed rate cuts this year (October & December). Gold, a safe haven sensitive to interest rates, hit a record $3,790.82 on Tuesday. Among other metals, silver rose 0.1% to $43.97/oz, platinum rose 0.4% to $1,477.94, and palladium rose 0.2% to $1,211.84.
Key Points:
Gold stable: spot $3,737; Dec futures $3,768; DXY -0.1%.
Fed cut expectations persist; PCE and jobless claims data act as catalysts.
Technical levels: support $3,700/$3,600; resistance $3,790 - $3,870–$3,875 - $4,000.
Tuesday's latest record was $3,790.82; silver, platinum, and palladium rose slightly. (ayu)
Source: Newsmaker.id
