Rate cuts set gold on track for best quarter in eight years
Gold rally takes a break on Friday after 4 record highs in the week
Spot gold prices are up more than 14% so far this quarter
The latest stage of the rally is driven by speculative demand
Demand from ETFs yet to fully contribute to the rally
Buyers in Asia are struggling to adapt to rapid price growth
Updates with latest prices
By Polina Devitt and Anjana Anil
Sept 27 (Reuters) -Gold prices were heading for their best quarter in more than eight years on Friday, having hit a series of record highs in recent sessions as the start of U.S. monetary easing boosted the appeal of non-yielding bullion.
Spot gold XAU= was down 0.7% at $2,652.23 per ounce by 1654 GMT, after scaling all-time highs for four consecutive sessions. The market hit a historic $2,685.42 on Thursday.
The precious metal, a traditional hedge against geopolitical and economic uncertainty, has gained some 14% this quarter, its strongest performance since the first quarter of 2016, and is up around 29% this year, the most in 14 years.
With bets on more rate cuts in future after last week's half-percentage-point cut by the Federal Reserve, speculative demand for the metal has driven gold to "oversold" technical levels. Even so, some banks expect prices could rise towards $3,000.
"$3,000 per ounce levels this year are quite possible. There's a lot of things out there that could throw gas on the market," said Phillip Streible, chief market strategist at Blue Line Futures.
"You could see a breakdown in Middle East peace talks, the labour market deterioration could continue, Fed could cut rates by another 50 bps, and China could add more stimulus," these factors will support the gold market, Streible added.
The rally also damaged physical demand in top consumers - China and India - where some were cashing in on their holdings instead of buying this week. GOL/AS
Gold exchange-traded funds (ETFs) that are backed by the physical metal, a key pillar of demand, saw modest net inflows last week and are yet to fully contribute to the rally, though analysts expect more activity from ETFs in coming months.
"Speculation, especially in US futures, has been driving this rally, but ... for prices to hold or climb further, we need stronger Western investor interest. Modest ETF inflows are a good start, but with economic uncertainty still on the horizon," said John Reade, senior market strategist at the World Gold Council.
Silver prices surged, benefiting from a spillover impact from gold, though some analysts warn that the rally may fade.
Spot silver XAG= fell 1.4% to $31.58 per ounce, after hitting itshighest since December 2012 at $32.71 on Thursday.
Platinum XPT= added 0.2% to $1,009.07, while palladium XPD= fell nearly 2.9% to $1,017.75.
Gold at new highs https://reut.rs/3Zyg5Cy
Silver surges to over a decade highs https://reut.rs/3znC6te
Reporting by Anjana Anil, Anushree Mukherjee, Polina Devitt, Swati Verma and Sherin Varghese; Editing by Tasim Zahid
Aset Terkait
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
