Gold Prices Slip but Regain $1,500 Level as Weak Data Attract Safe-Haven Demand
Thursday, 3 October 2019 12:30 WIB |
PRECIOUS METALS |GOLDEMAS
Gold prices slipped on Thursday in Asia but regained the $1,500 level overnight after weak data from the U.S. and Hong Kong dampened investor sentiment.
Gold futures for delivery on the Comex exchange were $1,505.05 by 12:31 AM ET (04:31 GMT), down 0.2%.
The safe-haven metal traded higher earlier in the day after weaker-than-expected report on private-sector hiring in September, combined with Tuesday™s disappointing ISM Manufacturing PMI data, sent stocks lower.
The weak data increased the likelihood of more rate cuts from the U.S. Federal Reserve. According to Investing.com™s Fed Rate Monitor Tool, the implied probability of another cut before the end of the year is now around 87.5%, while the chance of action already at the October Federal Open Markets Committee Meeting has risen to just under 75% from 64% a week ago.
Source : Investing.com
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