Gold
futures gained the most in more than three weeks as signs of tame U.S.
inflation eased concern that the Federal Reserve will raise interest
rates this week.
Prices
paid by American households declined in August as cheaper gasoline
helped keep increases below the objective of Fed policy makers, a
government report showed Wednesday. Gold, historically sought as a store
of value as consumer prices rise, is instead benefiting from doubts on
how soon inflation will return to the Fed’s 2 percent target.
Central
bankers conclude a two-day meeting on Thursday, and Fed-fund futures
show a 28 percent chance of a 25 basis point increase, down from 32
percent on Tuesday. The probability is 62 percent by December, based on
data compiled by Bloomberg. Higher rates curb the allure of gold by
making it less competitive against assets that pay a yield, like bonds.
Gold
futures for December delivery climbed 1.5 percent to settle at $1,119
an ounce at 1:42 p.m. on the Comex in New York. That marked the biggest
gain since Aug. 20. Trading was 14 percent below the 100-day average,
according to data compiled by Bloomberg.
Silver
futures for December delivery jumped 3.9 percent to $14.885 an ounce on
the Comex, the biggest gain in four months. On the New York Mercantile
Exchange, platinum futures for October delivery added 1.8 percent to
$975.70 an ounce, while palladium futures for December delivery climbed
1.9 percent to $611.95.
Source: Bloomberg
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