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Kontak Perkasa - Bloomberg, (23/10) -- Gold traded near
the highest level in more than three weeks on speculation that the
Federal Reserve may delay stimulus cuts until next year after U.S.
payrolls gained less than projected.
Bullion for immediate delivery was at $1,340.10 an ounce at 7:57 a.m. in Singapore from $1,340.15. Prices touched $1,344.85 yesterday, the highest since Sept. 30. Gold for December delivery dropped 0.2 percent to $1,340 on the Comex. Gold is set for the first annual drop since 2000 as some investors lost faith in the metal as a store of value and on expectation the Fed will slow its $85 billion monthly bond purchases as the economy improves. U.S. employers added 148,000 workers in September from a revised 193,000 gain in August, the Labor Department said yesterday. The median of forecasts by 93 economists in a Bloomberg survey was an increase of 180,000. “As soon as we see data that suggests that things aren’t traveling well, it immediately puts investors’ thoughts back to quantitative easing,” said David Lennox, a resource analyst at Fat Prophets in Sydney. “The market is probably fairly comfortable with the fact that there’s not going to be a tapering of QE for the foreseeable future.” Policy makers will delay cutting bond buying until March, according to the median estimate of 40 economists in an Oct. 17-18 Bloomberg survey. Gold rose 70 percent from December 2008 to June 2011 as the Fed pumped more than $2 trillion into the financial system to boost the economy. Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange-traded product, expanded 0.8 percent to 878.32 metric tons yesterday, the first increase since Sept. 19, according to data compiled by Bloomberg. |
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 9:17 AM
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