Gold Holds Near Three-Month Low as Investors Weigh Rate Outlook
PT. Equityworld Futures – Gold held near the lowest in three months as the dollar extended gains on speculation the Federal Reserve will raise interest rates this year as the economy recovers.
Bullion for immediate delivery traded at $1,168.53 an ounce by 9:43 a.m. in Singapore from $1,167.21 on Monday, according to Bloomberg generic pricing. Gold fell to $1,163.84 on Friday, the lowest since Dec. 1, after a report showed the U.S. jobless rate fell to the lowest in almost seven years.
Investors are weighing data for clues on when the central bank may raise rates from near zero. The Bloomberg Dollar Spot Index is at the highest in a decade after the U.S. jobs report saw traders bolster bets on a September rate rise. Fed Bank of Dallas President Richard Fisher warned that delaying higher borrowing costs risked recession. Higher rates curb gold’s appeal as it generally gives returns only through price gains.
Gold for April delivery traded at $1,167.50 an ounce on the Comex in New York from $1,166.50 on Monday.
Silver for immediate delivery rose 0.2 percent to $15.8054 an ounce, after falling to $15.7222, the lowest since Jan. 5.
Sumber : ewfpro.com