Equityworld Futures - Gold prices held steady on Monday (20/02) as traders awaited further clues on when US interest rate hike from the Federal Reserve officials who will make a speech this week.
LLG price of spot gold was at $ 1,236.01 per ounce at 1230 GMT, up slightly 0.1 percent at $ 1,235.22 on Friday, while gold futures for April delivery was down 0.2 percent at $ 1,237.10. (read Movement of the Composite Stock Price Index (CSPI) to Decline Due | Equityworld Futures )
Analysts said the Federal Open Market Committee meeting in mid-March will be the possibility of the next trigger for the price to move.
Head of the five regional bank US Federal Reserve is scheduled to speak before Friday. In addition, Fed Board Governor Jerome Powell appeared on Wednesday when the minutes from the last policy meeting were also released.
Their comments will be closely watched for clues on interest rate policy. Speaking in Singapore on Monday, Loretta Mester Cleveland Fed chief said he would be comfortable if interest rates rise. ( read Oil Prices Rise Despite growing optimism Stock Investor OPEC Policy | Equityworld Futures )
The dollar was little changed against the euro since both are under pressure; depressed greenback decline in US bond yields and the euro pressured concerns the upcoming French elections.
Investor interest has shown no signs of abating since gold hit a three-month high on Feb. 8, where the SPDR Gold shares, gold holdings in the world’s largest ETF backed exchanges, reported outflows of 2.4 tons on Friday, the first in nearly four weeks ,
( read Anticipation Bank Indonesia On Fed Policy | Equityworld Futures )
The data also showed on Friday that speculators cut their net long position in COMEX gold for the first time in three weeks in the week to February 14.
Silver was down 0.1 percent at $ 17.96 an ounce, platinum fell 0.4 percent to $ 996.74 and palladium rose 0.4 percent to $ 776.70.
Gold Prices Remain Stable In Sela Sela US rate hike announcement from
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