Gold holds near four month low as rate-cut hopes dwindle
Bullion on track for a weekly fall as US Federal Reserve chair Jerome Powell reduces expectations of a near-term rate cut
Gold steadied near a four-month low on Friday, as comments from US Federal Reserve chair Jerome Powell reduced expectations of a near-term rate cut, putting bullion on track for a weekly fall. Fundamentals
Spot gold was unchanged at $1,270.71/oz as of 1.39am GMT, having fallen to $1,265.85/oz, its lowest since end-December, in the previous session. Spot gold has fallen 1.2% so far this week. US gold futures were steady at $1,271.70/oz. The dollar looked set to end the week with a firmer tone on Friday as markets scaled back bets on a US rate cut, though much depends on what jobs data due later in the session says about the health of the economy and wages. A stronger dollar makes gold costlier for holders of other currencies. Asian share markets were subdued on Friday amid thin holiday trade as investors pared expectations for a US rate cut in 2019. On Wednesday the US Federal Reserve held interest rates steady with chair Jerome Powell further stating there was no need for any ...