ANL 28.40 Increased By ▲ 0.34 (1.21%)
ASC 16.78 Increased By ▲ 0.15 (0.9%)
ASL 23.71 Decreased By ▼ -0.23 (-0.96%)
AVN 92.26 Increased By ▲ 1.13 (1.24%)
BOP 9.76 Increased By ▲ 0.08 (0.83%)
BYCO 9.70 Decreased By ▼ -0.20 (-2.02%)
DGKC 111.55 Decreased By ▼ -2.31 (-2.03%)
EPCL 48.35 Decreased By ▼ -0.49 (-1%)
FCCL 21.72 Decreased By ▼ -0.09 (-0.41%)
FFBL 27.10 Decreased By ▼ -0.55 (-1.99%)
FFL 18.30 Increased By ▲ 0.17 (0.94%)
HASCOL 14.70 Decreased By ▼ -0.12 (-0.81%)
HUBC 85.07 Decreased By ▼ -1.19 (-1.38%)
HUMNL 7.16 Decreased By ▼ -0.24 (-3.24%)
JSCL 30.60 Increased By ▲ 1.24 (4.22%)
KAPCO 40.70 Increased By ▲ 2.31 (6.02%)
KEL 4.15 Decreased By ▼ -0.06 (-1.43%)
LOTCHEM 15.70 Decreased By ▼ -0.30 (-1.88%)
MLCF 43.15 Decreased By ▼ -0.29 (-0.67%)
PAEL 39.55 Decreased By ▼ -0.94 (-2.32%)
PIBTL 12.80 Decreased By ▼ -0.24 (-1.84%)
POWER 11.42 Decreased By ▼ -0.32 (-2.73%)
PPL 95.97 Decreased By ▼ -2.01 (-2.05%)
PRL 24.70 Decreased By ▼ -0.69 (-2.72%)
PTC 9.78 No Change ▼ 0.00 (0%)
SILK 1.21 No Change ▼ 0.00 (0%)
SNGP 45.98 Decreased By ▼ -0.52 (-1.12%)
TRG 103.35 Increased By ▲ 6.12 (6.29%)
UNITY 31.60 Increased By ▲ 0.06 (0.19%)
WTL 1.21 Increased By ▲ 0.06 (5.21%)
BR100 4,862 Increased By ▲ 6.23 (0.13%)
BR30 24,635 Increased By ▲ 128.47 (0.52%)
KSE100 45,973 Increased By ▲ 42.37 (0.09%)
KSE30 19,114 Increased By ▲ 4.31 (0.02%)

NEW YORK: Gold prices held steady on Wednesday, underpinned by data showing a rise in consumer prices in the United States and expectations that more fiscal stimulus from a Joe Biden administration could trigger higher inflation.

Spot gold was little changed at $1,854.84 an ounce by 1.44 p.m. EST (1844 GMT). US gold futures settled up 0.6% at $1,854.90.

Bob Haberkorn, senior market strategist at RJO Futures, said expectations for more stimulus, higher-than-expected inflation and safe-haven buying driven by the political environment in the United States were keeping gold supported.

Meanwhile, exchange-traded funds storing gold for investors shrank for a second month in December, but nevertheless grew more than ever before in 2020, the World Gold Council said.

Among other precious metals, silver fell 0.5% to $25.45 an ounce, platinum rose 2.2% to $1,099.55 and palladium edged 0.2% higher to $2,396.71.

The Labor Department on Wednesday said its consumer price index increased 0.4% last month after gaining 0.2% in November.

But capping bullion’s gains, the dollar firmed and benchmark 10-year Treasury yields hovered close to their highest level in nearly 10 months.

Gold is generally considered a hedge against the inflation and currency debasement that can result from widespread stimulus. However, higher bond yields have challenged that status recently as they increase the opportunity cost of holding non-yielding bullion.

“Complacent positioning in gold is being shaken up, that’s a direct result of the blue sweep which forced the markets to price in a substantial increase in treasury supply,” said Daniel Ghali, commodity strategist at TD Securities.

US President-elect Biden said he would unveil a plan on Thursday to provide trillions of dollars of support for the American economy as it grapples with the coronavirus crisis.