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Gold steady on Fed rate pause hopes, stronger equities


Tuesday, 15 January 2019 15:15 WIB

GOLDEMASEmas berjangkaSpot Gold


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Gold prices held steady on Tuesday, supported by market expectations of fewer interest rate hikes in the year by the U.S. Federal Reserve, while a bounce in Chinese equities stoked interest in riskier assets.

Spot gold had edged down about 0.1 percent to $1,289.86 per ounce by 07:48 GMT, while U.S. gold futures were 0.1 percent lower at $1,290.50 an ounce.

Asian stocks recovered on Tuesday after Beijing signalled more supportive measures to stabilise a slowing economy, and emphasised that China is seeking a strong start in the first quarter.

Meanwhile, the dollar weakened on heightened expectations the Fed will hold off on raising rates this year due to a slowdown in global growth.

Gold tends to gain on expectations of lower interest rates, as they reduce the opportunity cost of holding non-yielding bullion. Lower interest rates also tend to weigh on U.S. yields and the dollar, in which gold is priced.

Source: Reuters


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