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Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,575
4624hr
Pakistan Cases
1,047,999
4,72224hr
8.15% positivity
Sindh
389,699
Punjab
359,321
Balochistan
30,749
Islamabad
88,676
KPK
145,862

Gold prices gained on Monday as the passage of a US stimulus bill stoked inflation risks, although a resultant bounce in Treasury yields kept gains in check.

FUNDAMENTALS

  • Spot gold rose 0.3% to $1,732.02 per ounce by 0134 GMT, while US gold futures for April delivery rose 0.7% to $1,730.90 per ounce.

  • Yields on benchmark 10-year notes held near their highest in more than a year on continued US economic optimism after a $1.9 trillion recovery package was signed into law last week.

    • Gold is generally considered a hedge against inflation, although higher bond yields have challenged that status recently as they increase the opportunity cost of holding non-yielding bullion.
  • US producer prices increased strongly in February, leading to the largest annual gain in nearly 2-1/2 years, data showed on Friday.

    • The number of Americans filing new jobless claims fell to a four-month low last week, while the US market morale rose to its highest in a year in early March.

    • Investors piled into equities, while pulling money out of gold and bonds in the week up to March 10, data from BofA Global Research showed.

    • SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 1,052.07 tonnes on Friday from 1,055.27 tonnes on Thursday.

    • Silver rose 0.9% to $26.14, platinum rose 1% to $1,217.37, while palladium fell 0.1% to $2,369.17.