Spot Gold Gains 1.1%, Most Since Dec. 3, as Dollar Drops
Thursday, 20 December 2018 17:18 WIB | PRECIOUS METALS |GOLDEMASEmas berjangka

Gold rose as the dollar retreated after Federal Reserve Chairman Jerome Powell suggested he will be more cautious about raising interest rates next year following a fourth hike in 2018.

Metal gains as the U.S. currency declines and stocks drop in Europe and Asia.

Spot gold jumps to $1,256.68/oz at 9:56 am in London: Bloomberg generic pricing.

Policy makers lowered their forecast for hikes next year to two from three, according to their median forecast. Stocks and U.S. futures tumbled in Asia after Powell was seen to downplay the implications of market volatility, and his commitment to continue reversing quantitative easing lent further support to bullion as investors spurned risk.

Bloomberg Dollar Spot Index lost 0.7%, biggest intraday decline since Nov. 1

A Dec. 11-19 Bloomberg survey of 20 analysts and traders projected an increase in bullion prices, with the median estimate of $1,325 an ounce for year-end 2019. Almost all respondents said they were bullish.

Source: Bloomberg

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