The Business Times
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Fed pause is boon for gold prices

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Uma Devi

Uma Devi

Published Wed, Aug 9, 2023 · 01:00 PM
    • The Monetary Authority of Singapore was the second-largest buyer of gold globally in H1 – after the People’s Bank of China – adding 73 tonnes to its reserves.
    • The Monetary Authority of Singapore was the second-largest buyer of gold globally in H1 – after the People’s Bank of China – adding 73 tonnes to its reserves. PHOTO: BLOOMBERG

    GOLD prices could pass US$2,000 per ounce this year, analysts said, provided the US Federal Reserve is able to hold the line on the federal funds rate.

    The precious metal has been trending down in recent weeks. Earlier this month, on Aug 4, gold prices fell to their lowest point since Jul 11.

    The recent weakness isn’t expected to last, though. State Street Global Advisors’ Asia-Pacific gold strategist Robin Tsui said that the yellow metal is likely to be supported by US dollar weakness, as the Fed is expected to pause its current rate tightening cycle at the November Federal Open Market Committee meeting.

    Gold

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