Gold Gets Fed Boost After Powell Flags Rate Cut Amid Global Risk
Thursday, 11 July 2019 08:57 WIB | PRECIOUS METALS |GOLDEMAS

Gold rose for a third day after the Federal Reserve indicated that it's preparing to cut interest rates for the first time in a decade as the global economy slows.

Bullion's trading above $1,400 an ounce again as investors took note of the Fed's dovishness, damping doubts over monetary policy easing that arose following stronger-than-expected U.S. payrolls data. Speaking to Congress on Wednesday, Chairman Jerome Powell said June's jobs report was œgreat news, but not enough to tilt the balance because wages weren't rising fast enough to trigger much inflation.

Gold is trading near a six-year high on the prospects of lower rates, which boost the appeal of non-interest-bearing assets, with geopolitical and trade tensions also spurring demand. Despite a truce between the U.S. and China, Powell stressed downside risks stemming from uncertainties over trade and slowing momentum in some economies. Minutes from the Fed™s June meeting confirmed an inclination among officials to ease policy soon.

Spot gold climbed as much as 0.6% to $1,427.23 an ounce, and was at $1,425.02 at 9:02 a.m. in Singapore. Bullion hit $1,439.21 on June 25, the highest level since 2013. The Bloomberg Dollar Spot Index dropped 0.1%.

In other precious metals, spot silver rose 0.3% and platinum gained 0.3%. Palladium advanced 0.5% and is trading near an all-time high reached in March.

Source : Bloomberg

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