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Gold Declines Ahead of Central Bank Meetings This Week
Tuesday, 12 June 2018 08:32 WIB | PRECIOUS METALS |GOLDEMASBullionEmas berjangka

Gold declines as investors weigh an expected rate hike by the Federal Reserve on Wednesday and a meeting of the European Central Bank on Thursday.

Bullion for immediate delivery lost 0.2% to 1,298.39/oz at 8:51am in Singapore. This metal earlier rose as much as 0.3%. Bloomberg Dollar Spot Index rose 0.2%.

Fed policy makers expected to raise the rate target by 25bps on Wednesday, and boost interest on excess reserves by 20bps.

ECB will meet on Thursday to hold first formal talks on ending its bond-buying program.

Other events this week include President Donald Trump™s meeting with North Korea™s leader Kim Jong-un on Tuesday, Italian bond auction on Wednesday, BOJ meeting on Friday.

Other precious metals, silver weakened 0.1% to $16.9029/oz after rose 2.3% last week. Palladium weakened 0.1% to $1,021.25/oz while platinum gained 0.1% to $905.40/oz.

Source: Bloomberg

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