PT Equityworld Futures Cyber2 Jakarta – Gold Rises on Expectations of Fed Rate Cuts
In the dynamic landscape of precious metals, gold futures on the COMEX division of the New York Mercantile Exchange experienced an upward trend on Tuesday (2/1). This surge was fueled by market expectations that the Federal Reserve would soon initiate interest rate cuts.
The most actively traded gold contracts for February delivery rose by $1.60 or 0.08 percent, closing at $2,073.40 per ounce. The overall market sentiment anticipates the Fed’s commencement of interest rate reductions in March, maintaining a broader optimistic outlook for gold.
As the gold market gears up for potential volatility this week, several economic indicators are set to be released, including the employment report on Friday. Additionally, the minutes from the Federal Reserve’s December meeting will be disclosed on Wednesday.
The Global S&P Manufacturing Purchasing Managers’ Index (PMI), seasonally adjusted, recorded 47.9 in December, down from 49.4 in November and below the earlier released preliminary estimate of 48.2.
In the broader spectrum, silver for March delivery declined by 13.30 cents or 0.55 percent, closing at $23.953 per ounce. Platinum for April delivery also saw a decrease, falling by $10.90 or 1.08 percent, closing at $998.30 per ounce.
Source: Bloomberg, ewfpro
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