PT Rifan Financindo Berjangka – Gold Rebounds From a Two-Month Low as the Dollar Weakens
Gold prices rose mid-afternoon on Monday, rebounding from six losing sessions as the dollar and treasury yields weakened.
Gold for December delivery was last seen up US$43.10 to US$2,613.20 per ounce, rising off Friday’s two-month low.
The rise comes even as the dollar weakened, a bullish note for commodities priced in the currency. The ICE dollar index was last seen down 0.43 points to 106.26.
Also aiding the gain was a forecast from Goldman Sachs predicting gold would reach US$3,000 per ounce next year, Bloomberg News reported.
Treasury yields fell, with the U.S. two-year note last seen paying 4.297%, down 3.4 basis points, while the yield on the 10-year note was down 2.5 points to 4.419%.
Source : MT Newswires
Gold surges on softer dollar, Russia-Ukraine tensions
Gold prices soared on Monday, after six days of losses, as the U.S. dollar’s surge stalled and heightened uncertainty over the Russia-Ukraine conflict rekindled safe-haven demand.
Spot gold jumped 1.9% to $2,608.88 per ounce by 10:17 a.m. ET (1517 GMT), moving away from a two-month low on Thursday. U.S. gold futures climbed 1.7% to $2,613.40.
Gold, which is considered a safe investment during economic and geopolitical turmoil, posted its steepest weekly drop in more than three years last week as President-elect Trump’s proposed tariffs are seen as potential drivers of inflation, which could prompt the Fed to slow its rate-cutting pace.
The U.S. central bank is widely expected to deliver a third rate cut in December, although recent data showed progress in bringing inflation back to its 2% target has stalled. At least seven Fed officials are scheduled to speak this week.
Higher interest rates, which make non-yielding assets like gold less appealing, could further pressure the metal.
Spot silver rose 3% to $31.13 per ounce, platinum added 2.2% at $959.37 and palladium climbed 4.4% to $992.34. PT Rifan Financindo Berjangka.
Source : Reuters