Gold Holds Gain as Retail Slump Raises Rate Cut Bets
Thursday, 17 October 2019 12:46 WIB |
PRECIOUS METALS |SILVERPalladiumEMASGOLD
Gold held an advance as weaker-than-expected U.S. data boosted the case for a third straight interest rate cut by the Federal Reserve at the end of this month. Palladium is closing in on $1,800 an ounce after hitting a series of records this week.
Haven demand picked up after retail sales unexpectedly posted the first decline in seven months, suggesting consumers are starting to become shaky as the main pillar of growth. The Fed's Beige Book said the economy expanded at a œslight to modest pace in recent weeks, representing a mild downgrade.
Spot gold steady at $1,488.50/oz at 12:39pm in Singapore; +0.6% Wednesday.
Palladium +0.5% to $1,776.65/oz. Spot silver -0.4% to $17.33/oz.
Source : Bloomberg
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