Gold held a gain from a
one-month low as investors weighed the outlook for U.S. interest rates
this year after data on Monday showed the Federal Reserve’s preferred
measure of inflation slowed last month.
Bullion for immediate
delivery traded at $1,220.88 an ounce at 9:02 a.m. in Singapore, from
$1,221.71 on Monday, when it closed 0.4 percent higher in a rebound from
$1,208.38, the lowest intraday level since Feb. 23, according to
Bloomberg generic pricing.
Gold is this year’s
best performing commodity on speculation that the Fed may refrain from
tightening rates, in part as inflation has lagged behind officials’ 2
percent goal. While bullion is seen as an inflation hedge that can
advance during periods of price gains, the metal also benefits from a
low-rate environment. Fed Bank of San Francisco President John Williams
said Monday the global economy was having a significant impact on
measures U.S. policy makers watch to determine interest rates.
Source : Bloomberg
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