Gold held a decline to near a one-month low as investors awaited the US Federal Reserve’s decision this week on whether to raise borrowing costs.
Bullion for immediate delivery yesterday retreated as much as 0.3 percent to US$1,104.82 an ounce and traded little changed at US$1,108.20 by 2:59pm in Singapore, according to Bloomberg generic pricing. The metal fell to US$1,098.80 on Friday, the lowest intraday level since Aug. 11.
While about half of the economists in a Bloomberg survey expect a rate increase given the improvement in the US labor market, futures traders are showing odds of 28 percent, with the chances for a year-end rise at 59 percent.
Higher borrowing costs cut gold’s allure because it does not pay interest like competing assets such as bonds. Fed policymakers meet tomorrow and Thursday.
“There’s a good chance for the Fed to give an interest rate hike, at least this year, be it this month or December,” OCBC Bank (華僑銀行) economist Barnabas Gan said by phone in Singapore.
“The gold price, at this juncture, looks like it is pricing in a Fed rate hike, and if the rate hike doesn’t materialize, gold prices may see a very small bump,” Gan said.
Holdings in global exchange-traded products backed by bullion dropped for six days through Friday last week, according to fund data compiled by Bloomberg.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”