AGL 5.77 Decreased By ▼ -0.31 (-5.1%)
ANL 9.01 Decreased By ▼ -0.39 (-4.15%)
AVN 78.40 Decreased By ▼ -3.06 (-3.76%)
BOP 5.16 Decreased By ▼ -0.11 (-2.09%)
CNERGY 4.66 Decreased By ▼ -0.24 (-4.9%)
EFERT 80.54 Decreased By ▼ -1.01 (-1.24%)
EPCL 51.97 Decreased By ▼ -2.03 (-3.76%)
FCCL 13.59 Decreased By ▼ -0.81 (-5.63%)
FFL 5.87 Decreased By ▼ -0.18 (-2.98%)
FLYNG 7.09 Decreased By ▼ -0.47 (-6.22%)
FNEL 4.82 Decreased By ▼ -0.18 (-3.6%)
GGGL 8.89 Decreased By ▼ -0.43 (-4.61%)
GGL 15.89 Decreased By ▼ -0.81 (-4.85%)
HUMNL 5.83 Increased By ▲ 0.14 (2.46%)
KEL 2.60 Decreased By ▼ -0.19 (-6.81%)
LOTCHEM 29.94 Decreased By ▼ -0.61 (-2%)
MLCF 25.40 Decreased By ▼ -2.39 (-8.6%)
OGDC 72.23 Decreased By ▼ -1.77 (-2.39%)
PAEL 15.42 Decreased By ▼ -0.77 (-4.76%)
PIBTL 5.03 Decreased By ▼ -0.20 (-3.82%)
PRL 16.37 Decreased By ▼ -0.92 (-5.32%)
SILK 1.09 No Change ▼ 0.00 (0%)
TELE 9.60 Decreased By ▼ -0.44 (-4.38%)
TPL 7.30 Decreased By ▼ -0.40 (-5.19%)
TPLP 19.18 Decreased By ▼ -0.59 (-2.98%)
TREET 21.93 Decreased By ▼ -1.26 (-5.43%)
TRG 144.54 Decreased By ▼ -2.81 (-1.91%)
UNITY 16.60 Decreased By ▼ -0.59 (-3.43%)
WAVES 10.01 Decreased By ▼ -0.37 (-3.56%)
WTL 1.36 Decreased By ▼ -0.10 (-6.85%)
BR100 4,230 Decreased By -100.1 (-2.31%)
BR30 15,822 Decreased By -474.4 (-2.91%)
KSE100 42,071 Decreased By -832.3 (-1.94%)
KSE30 15,504 Decreased By -300.7 (-1.9%)
Markets

Gold set for best year in a decade with 24% rise

  • Spot gold fell 0.2% to $1,889.58 per ounce by 0353 GMT. but was up more than 24% for the year.
Published December 31, 2020
Follow us

Gold prices fell on Thursday as hopes for an economic recovery next year increased risk appetite, although the precious metal was set to wrap up the year with its best performance in a decade.

Spot gold fell 0.2% to $1,889.58 per ounce by 0353 GMT. but was up more than 24% for the year.

US gold futures were little changed at $1,892.90.

Asian shares were set to end the year at record highs as investors pinned hopes on a swift economic recovery next year, also pressuring the dollar.

"The dollar is going to weaken quite precipitously until Q1, giving gold a clear runaway to do well right out of the gates next year," Stephen Innes, chief global market strategist at Axi, said, adding that inflation remained key to gold's trajectory.

Boosting hopes for a faster economic recovery next year, Britain on Wednesday approved Oxford University and AstraZeneca's vaccine to combat a fast-spreading coronavirus variant.

Also weighing on bullion was Republican Senate Majority leader Mitch McConnell's refusal for a quick vote on a bill to increase US relief checks to $2,000, saying it had "no realistic path to quickly pass the Senate."

Unprecedented stimulus measures and low-interest rates to cushion economies from the pandemic's blow this year have benefited gold as it is seen as a hedge against inflation.

Silver fell 0.9% to $26.38 per ounce but was up more than 48% this year - its best performance since 2010.

Platinum dropped 0.5% to $1,060.18 per ounce but was up 10% in 2020. Palladium rose 0.3% to $2,368.68 per ounce and was on track for a fifth straight year of gains with a 22% rise.

Comments

Comments are closed.

Gold set for best year in a decade with 24% rise

KSE-100 plummets 2% as market reacts to 'surprise' rate hike

TTP ends ceasefire with govt, orders ‘attacks’ in country

Fawad says PTI leadership has ratified Imran's decision to dissolve KP, Punjab assemblies

KATI patron-in-chief, industrialist S.M. Muneer passes away in Karachi

Pakistan's delegation leaves for Russia to hold discussions on oil, gas

Rupee largely stable, settles at 223.95 against US dollar

Oil falls to near year’s lows on China demand worries

Pakistan, Luxembourg agree to enhance multiple cooperation, creating start-ups linkages

Pak Army’s ‘political quarantine’ will augur well for Pakistan: Gen Bajwa

Hina Rabbani Khar to visit Afghanistan on Tuesday: FO