Gold Jumps on Prospects for Stimulus, Trump's Picks for the Fed
Wednesday, 3 July 2019 09:50 WIB | PRECIOUS METALS |GOLDEMAS Spot Emas

Gold resumed its rally above $1,400 an ounce after a slew of weak economic data gave further impetus to expectations for fresh stimulus measures, with Treasury yields taking a further leg down.

Bullion extended the biggest one-day gain in three years amid concern over slowing growth, and investors will focus next on data for U.S. private hiring, factory orders and the services sector, which come on Wednesday. The jobs report for June on Friday will also be key in providing signals on the possible timing and scale of looser monetary policy by the Federal Reserve.

Spot gold climbed as much as 1.4% to $1,437.88 an ounce, and was at $1,428.22 at 10:18 a.m. in Singapore. Prices surged 2.5% on Tuesday, the most since June 2016. Last week, bullion hit $1,439.21, the highest level since 2013.

President Trump is œtrying to shift the balance on the FOMC to super dove, said Stephen Innes at Vanguard Markets Pte, referring to the rate-setting Federal Open Market Committee. Both of his picks need Senate confirmation.

Source : Bloomberg

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