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Gold holds steady as Fed rate pause bets weigh on dollar


Tuesday, 8 January 2019 08:27 WIB

GOLDEMASEmas berjangkaSpot Gold


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Gold held steady on Tuesday as bets on a pause in U.S. rate hikes and hopes of a Sino-U.S. trade deal put pressure on the dollar, but an improved risk appetite limited gains for the safe haven metal.

Spot gold was little changed at $1,288.36 by 00:47 GMT. It hit a more than 6-month peak at $1,298.42 on Friday.

U.S. gold futures were also steady at $1,289.50 per ounce.

Spot palladium hit a record high at $1,313.24 per ounce on Monday and was trading at a premium to gold. The metal, used mainly in emissions-reducing catalysts for vehicles, has risen as the market suffers from a sustained deficit due to supply shortages and higher demand.

The dollar was under pressure from growing expectations the U.S. Federal Reserve will either pause or halt its interest rate hike cycle, with the euro and Swiss franc leading gains among its rivals.

The Federal Reserve may only need to raise interest rates once in 2019, Atlanta Fed President Raphael Bostic said on Monday, focusing on business executives' nervousness about the economy and a global slowdown as factors that may hold the U.S. central bank back.

Source: Reuters


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