Gold holds three-day decline as investors weigh Fed rate outlook
[]Gold held a three-day losing streak as investors assessed the outlook for US interest rates before monthly payroll data Friday.
Bullion for immediate delivery traded little changed at US$1,279.75 an ounce by 9:06 am in Singapore, according to Bloomberg generic pricing. Prices have retreated in the past three days after gold briefly surpassed US$1,300 earlier this week and reached the highest since Jan 2015.
The metal has climbed 21 per cent this year, helped by speculation that the Federal Reserve will be slow to tighten monetary policy amid global growth risks and after lending rates in the euro area and Japan fell below zero.
Fed officials are highlighting the prospect of a rate increase next month, with the payroll data key for investor assessment of the policy landscape. Holdings in exchange-traded funds rose to the highest since Dec 2013.
Markets are "waiting for clearer signals on whether US activity will bounce back in the second quarter or whether the loss of momentum will extend," Australia & New Zealand Banking Group Ltd said on Thursday.
"Investor interest remains strong" for gold, it said.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
California to wrap up ExxonMobil plastics probe ‘in weeks’, AG says
Gold edges higher; hovers near one-week low on tempered Middle East fears
Why has gold’s inverse relationship with the US dollar reversed?
Oil futures fall as fears of a wider Middle East war fade
Malaysia’s Sapura Energy to sell stake in SapuraOMV to TotalEnergies for US$705 million
Saudi Aramco in talks to buy 10% of China’s Hengli Petrochemical