ANL 11.12 Increased By ▲ 0.53 (5%)
ASC 9.65 Increased By ▲ 0.18 (1.9%)
ASL 11.26 Increased By ▲ 0.31 (2.83%)
AVN 74.41 Increased By ▲ 5.21 (7.53%)
BOP 5.77 Decreased By ▼ -0.09 (-1.54%)
CNERGY 5.28 Increased By ▲ 0.14 (2.72%)
FFL 6.91 Increased By ▲ 0.15 (2.22%)
FNEL 6.05 Increased By ▲ 0.14 (2.37%)
GGGL 11.94 Increased By ▲ 0.76 (6.8%)
GGL 16.13 Increased By ▲ 1.13 (7.53%)
GTECH 9.11 Increased By ▲ 0.42 (4.83%)
HUMNL 6.54 Increased By ▲ 0.24 (3.81%)
KEL 2.52 Increased By ▲ 0.03 (1.2%)
KOSM 3.01 Increased By ▲ 0.09 (3.08%)
MLCF 26.30 Decreased By ▼ -0.20 (-0.75%)
PACE 3.04 Increased By ▲ 0.04 (1.33%)
PIBTL 5.99 Increased By ▲ 0.14 (2.39%)
PRL 16.60 Increased By ▲ 0.80 (5.06%)
PTC 7.50 Increased By ▲ 0.15 (2.04%)
SILK 1.37 No Change ▼ 0.00 (0%)
SNGP 25.80 Decreased By ▼ -0.10 (-0.39%)
TELE 10.75 Increased By ▲ 0.53 (5.19%)
TPL 9.30 Increased By ▲ 0.60 (6.9%)
TPLP 16.65 Increased By ▲ 1.27 (8.26%)
TREET 28.90 Increased By ▲ 0.80 (2.85%)
TRG 78.40 Increased By ▲ 1.82 (2.38%)
UNITY 22.21 Increased By ▲ 0.72 (3.35%)
WAVES 12.95 Increased By ▲ 0.05 (0.39%)
WTL 1.54 Increased By ▲ 0.06 (4.05%)
YOUW 5.10 Increased By ▲ 0.31 (6.47%)
BR100 4,164 Increased By 7.5 (0.18%)
BR30 14,902 Increased By 371.2 (2.55%)
KSE100 42,013 Increased By 62.3 (0.15%)
KSE30 15,913 Increased By 10.4 (0.07%)
Markets

Gold scales 1-week high on US stimulus bets, Fed decision awaited

  • Among other precious metals, silver rose 0.6% to $24.63 an ounce, platinum climbed 0.5% to $1,041.47 and palladium gained 0.7% to $2,333.98.
16 Dec, 2020

Gold prices inched higher to a one-week top on Wednesday as the metal built on the previous session's gains on growing hopes for further US stimulus and ahead of a closely watched Federal Reserve policy decision.

Spot gold was up 0.1% at $1,855.71 per ounce by 0323 GMT, after hitting its highest since Dec. 9 at $1,857.89. US gold futures rose 0.3% to $1,860.30.

"The markets are just craving anything in terms of a US stimulus package and news that some bipartisanship emerged last night marginally lifted inflation expectations, benefiting gold," said IG Market analyst Kyle Rodda.

Top US congressional leaders met Tuesday evening in an attempt to end a standoff on coronavirus relief with one lawmaker saying talks were moving "in the right direction".

Investors now await the Fed's final policy statement of the year, due at 1900 GMT, where it is expected to keep interest rates pinned near zero and signal where rates are headed in the coming years.

"The unlikely magic ingredient that would see gold prices fly would be if the Fed potentially entertains a yield curve control programme to keep risk-free rates low," Rodda said.

Keeping gold's gains in check was news that Moderna Inc's While speculative interest in gold has waned as traders shift to buoyant equities, a combination of additional stimulus and asset purchases by the Fed would reignite gold bulls' faith in the metal, Avtar Sandu, a senior commodities manager at Phillip Futures, said in a note.

Gold is seen as a hedge against inflation and currency debasement.

Among other precious metals, silver rose 0.6% to $24.63 an ounce, platinum climbed 0.5% to $1,041.47 and palladium gained 0.7% to $2,333.98.

Comments

Comments are closed.