Gold steady, but rate hike views could dampen appeal

Friday, 24 August 2018 08:31 WIB

GOLDEMAS Spot EmasEmas berjangka


Gold prices held firm on Friday, after falling nearly 1 percent in the previous session and sentiment for the yellow metal remained negative amid an outlook for rising U.S. interest rates.

Spot gold was up 0.1 percent at $1,186.35 an ounce at 00:58 GMT, after falling about $10 on Thursday. U.S. gold futures were down 0.1 percent at $1,192.40 an ounce.

Federal Reserve policymakers broadly agree that U.S. interest rates should rise further this year and next, despite U.S. President Donald Trump's displeasure with such a plan, two policymakers' comments underscored on Thursday.

The Fed's latest policy meeting minutes suggested it is on course to raise interest rates further after two hikes this year, denting demand for non-interest-yielding gold.

Markets are awaiting Fed Chairman Jerome Powell’s comments on Friday at the central bank's annual meeting in Jackson Hole, Wyoming for any change in its interest rate stance, especially after U.S. President Donald Trump’s attack on its monetary policy this week.

U.S. and Chinese officials ended two days of talks on Thursday with no major breakthrough as their trade war escalated with activation of another round of tariffs on $16 billion worth of each country’s goods.

Source: Reuters




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