PT Rifan Financindo Berjangka – Gold Rises Ahead of Key U.S. Economic Data
Gold edges higher in early Asian trade, ahead of key U.S. economic data this week such as the monthly jobs report for November.
The data will provide clues on the Federal Reserve’s monetary policy outlook, says FlowCommunity’s commercial director Tito Iakopa in an email. Gold typically has an inverse relationship with interest rates, with high rates damping demand for the non-interest-bearing metal. Meanwhile, ongoing geopolitical tensions, particularly the Russia-Ukraine conflict, is supporting the precious metal’s demand, Iakopa adds. Spot gold is up 0.1% at $2,642.32/oz.
Source : Dow Jones Newswires
Gold Futures Down in Cautious Trade as U.S. Dollar Strengthens
Gold futures fell after hitting their highest level in more than a week. Futures were down 0.2% at $2,625 an ounce. Trading in the precious metal was cautious given rising U.S. bond yields and a stronger dollar, which could weigh on prices in the coming weeks, said Rania Gule of XS.com. Despite the decline, gold continues to retain its appeal as a safe haven, Gule said in a note.
Rising geopolitical tensions between Russia and Ukraine remain a key factor supporting gold prices, reflecting persistent fears of escalation, Gule wrote. Still, the market is in a state of anticipation, as a number of changes could affect the direction of gold prices in the coming weeks, making technical and economic analysis complicated, she added. PT Rifan Financindo Berjangka.
Source: Bloomberg