Gold Stalls as Investors Shift Focus to Timing of U.S. Rate Bump

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Gold Stalls as Investors Shift Focus to Timing of U.S. Rate Bump

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PT. Equityworld Futures – Gold traders were hesitant to act before testimony this week from Janet Yellen that may provide more details on the timing of increases for U.S. interest rates.

The metal settled little changed in New York, while silver and platinum dropped. Federal Reserve Chair Yellen, who last week maintained her call for a rate boost this year, will deliver her congressional testimony starting Wednesday.

Gold futures for August delivery fell 0.2 percent to $1,153.50 an ounce at 1:49 p.m. on the Comex in New York, dropping for the fourth straight session.

Investors increased global holdings in exchange-traded products backed by gold for the first time in four sessions, data compiled by Bloomberg show. On Monday, assets rose 1.7 metric tons to 1,586.9 tons, which is still close to the lowest since 2009.

Silver futures for September delivery dropped 0.9 percent to $15.315 an ounce on the Comex.

Platinum futures for October delivery declined 0.7 percent to $1,028.40 an ounce on the New York Mercantile Exchange.

Palladium futures for September delivery fell 0.3 percent to $657.10 an ounce.

Sumber : www.ewfpro.com

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