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Gold Firms on Softer Dollar as Traders Strap in for U.S. Economic Data


Selasa, 24 Januari 2023 / 14:09 WIB
Gold Firms on Softer Dollar as Traders Strap in for U.S. Economic Data
ILUSTRASI. Gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022.


Sumber: Reuters | Editor: Wahyu T.Rahmawati

KONTAN.CO.ID - JAKARTA. Gold prices edged higher on Tuesday as the dollar weakened, with bullion's near-term trajectory likely hinging on U.S. economic data due this week that could influence the Federal Reserve's interest rate strategy.

Spot gold was up 0.2% at $1,935.04 per ounce, as of 0606 GMT. U.S. gold futures gained 0.4% at $1,935.60.

Key hubs such as China and Hong Kong remain closed for the Lunar New Year holidays.

The dollar index dipped 0.2%, making greenback-priced bullion more affordable for many buyers.

Investors awaited the U.S. fourth-quarter GDP growth estimates due on Thursday.

Read Also: Oil Prices Rise on Stronger China Outlook

"Any signs of a weaker U.S. economy will be taken as a reason for the Fed to tighten less aggressively, and that could support gold, which would also take in safe haven flows," said Matt Simpson, a senior market analyst at City Index.

"Disappointing numbers likely to help gold climb above $1,960, but might not break through $2,000 in its first attempt, given the significance of the number."

Traders are mostly pricing in a 25-basis-point (bp) rate hike by the Fed at its Jan. 31-Feb. 1 policy meeting, after slowing its pace to 50 bps in December, following four straight 75-bp hikes.

Lower interest rates tend to be beneficial for bullion, decreasing the opportunity cost of holding the non-yielding asset.

Read Also: Apple Targets Raising India Production Share to Up to 25%

On the physical front, India is expected to slash import duty on gold, which could lift retail sales ahead of peak demand season in the world's second-biggest bullion consumer.

Indian gold futures hit an all-time high on Tuesday, tracking gains in overseas markets and a depreciation in the rupee, but the surge dampened demand in the world's second-biggest consumer of the precious metal, dealers said.

Spot silver gained 0.3% to $23.52 per ounce.

With the Chinese economy reopening and less disruption from COVID-19, it could support a consecutive year of record photovoltaic silver demand, analysts at Heraeus Precious Metals said in a note.

Platinum rose 0.8% at $1,055.25 and palladium advanced 0.5% to $1,712.57.

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