JABAR EKSPRES – Gold futures prices slipped in late trading Thursday (6/29) morning WIB, extending losses for a second straight day pressured by a stronger United States (US) dollar, after Federal Reserve Chairman Jerome Powell signaled for further interest rate hikes.
The most active gold contract for August delivery on the Comex Division of the New York Exchange slipped 1.60 US dollars or 0.08 percent to close at 1,922.20 US dollars per ounce, after touching a session high of 1,926.10 US dollars and a low of 1,911.40 US dollars.
Gold futures slipped 10 US dollars or 0.52 percent to 1,923.80 US dollars on Tuesday (6/27), after rising 4.20 US dollars or 0.22 percent to 1,933.80 US dollars on Monday (6/26), and lifted 5.90 US dollars or 0.31 percent to 1,929.60 US dollars on Friday (6/23).
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The US dollar strengthened on Wednesday (6/28) following comments from a number of global central bank leaders, including Federal Reserve Chairman Jerome Powell, who did not rule out the possibility of another interest rate hike by the Fed at its next meeting in July.
Expectations of interest rate hikes by central banks around the world also put pressure on gold. Gold settled at its lowest level since March 14.
Speaking at a monetary policy session in Sintra, Portugal, on Wednesday (28/6), the Fed Chair said he expected several rate hikes ahead and possibly at an aggressive pace.
Powell, speaking at a European Central Bank (ECB) conference along with Bank of England Governor Andrew Bailey, ECB President Christine Lagarde and Bank of Japan Governor Kazuo Ueda, noted that two rate hikes are likely this year.
Further cues on US inflation will also be released this week, with the personal consumption expenditures price index for May due on Friday (30/6). The index is the Fed’s preferred inflation gauge, and is expected to remain steady after rising unexpectedly in April.
