AIRLINK 62.25 Decreased By ▼ -0.23 (-0.37%)
BOP 5.35 Decreased By ▼ -0.01 (-0.19%)
CNERGY 4.46 Decreased By ▼ -0.12 (-2.62%)
DFML 15.48 Decreased By ▼ -0.02 (-0.13%)
DGKC 66.10 Decreased By ▼ -0.30 (-0.45%)
FCCL 17.39 Decreased By ▼ -0.20 (-1.14%)
FFBL 27.75 Increased By ▲ 0.05 (0.18%)
FFL 9.22 Decreased By ▼ -0.05 (-0.54%)
GGL 10.11 Increased By ▲ 0.05 (0.5%)
HBL 106.25 Increased By ▲ 0.55 (0.52%)
HUBC 122.02 Decreased By ▼ -0.28 (-0.23%)
HUMNL 6.53 Decreased By ▼ -0.07 (-1.06%)
KEL 4.54 Increased By ▲ 0.04 (0.89%)
KOSM 4.42 Decreased By ▼ -0.06 (-1.34%)
MLCF 35.81 Decreased By ▼ -0.39 (-1.08%)
OGDC 122.80 Decreased By ▼ -0.12 (-0.1%)
PAEL 22.95 Decreased By ▼ -0.05 (-0.22%)
PIAA 31.00 Increased By ▲ 1.66 (5.66%)
PIBTL 5.85 Increased By ▲ 0.05 (0.86%)
PPL 107.66 Increased By ▲ 0.16 (0.15%)
PRL 27.31 Increased By ▲ 0.06 (0.22%)
PTC 17.63 Decreased By ▼ -0.44 (-2.43%)
SEARL 53.15 Increased By ▲ 0.15 (0.28%)
SNGP 62.80 Decreased By ▼ -0.41 (-0.65%)
SSGC 10.73 Decreased By ▼ -0.07 (-0.65%)
TELE 9.15 Decreased By ▼ -0.05 (-0.54%)
TPLP 11.55 Increased By ▲ 0.11 (0.96%)
TRG 71.03 Increased By ▲ 0.17 (0.24%)
UNITY 23.77 Increased By ▲ 0.15 (0.64%)
WTL 1.29 Increased By ▲ 0.01 (0.78%)
BR100 6,945 Increased By 1.8 (0.03%)
BR30 22,805 Decreased By -22.6 (-0.1%)
KSE100 67,174 Increased By 31.5 (0.05%)
KSE30 22,093 Increased By 2.7 (0.01%)

SINGAPORE: Gold edged lower on Thursday as the dollar’s recovery from a two-week trough hit in the previous session and a softer US inflation data dampened bullion’s appeal.

Spot gold fell 0.3% to $1,837.13 per ounce by 0636 GMT, after hitting a more than one-week high on Wednesday. US gold futures slipped 0.3% to $1,837.40.

“The dollar has rebounded from Wednesday’s low, that’s putting some pressure on precious metals. Low liquidity due to Chinese new year holiday is also weighing on the prices,” said DailyFX strategist Margaret Yang.

Gold has also lost some support as US data showed there is not much of inflation down the road, Yang said.

The US Consumer Price Index for January came in lower than expected. Gold is considered a hedge against inflation.

Investors kept a close watch on the developments on the passage of a $1.9 trillion US relief bill.

“It’s quite a mixed narrative right now,” said Stephen Innes, chief global market strategist at financial services firm Axi.

“Too much stimulus in the market could force the Fed to tighten the monetary policy, that’s negative for gold, but if the stimulus isn’t big enough, gold is not going to benefit.”

Comments

Comments are closed.