AGL 5.27 Decreased By ▼ -0.23 (-4.18%)
ANL 8.45 Decreased By ▼ -0.04 (-0.47%)
AVN 75.82 Increased By ▲ 0.02 (0.03%)
BOP 5.15 Decreased By ▼ -0.09 (-1.72%)
CNERGY 4.41 Decreased By ▼ -0.01 (-0.23%)
EFERT 81.30 Decreased By ▼ -0.33 (-0.4%)
EPCL 49.29 Decreased By ▼ -0.41 (-0.82%)
FCCL 12.40 Decreased By ▼ -0.39 (-3.05%)
FFL 5.51 Increased By ▲ 0.01 (0.18%)
FLYNG 6.82 Increased By ▲ 0.09 (1.34%)
FNEL 4.68 Decreased By ▼ -0.02 (-0.43%)
GGGL 9.27 Increased By ▲ 0.85 (10.1%)
GGL 14.88 Increased By ▲ 0.93 (6.67%)
HUMNL 6.18 Increased By ▲ 0.10 (1.64%)
KEL 2.57 Increased By ▲ 0.01 (0.39%)
LOTCHEM 27.73 Increased By ▲ 0.08 (0.29%)
MLCF 23.57 Decreased By ▼ -0.22 (-0.92%)
OGDC 71.91 Increased By ▲ 0.81 (1.14%)
PAEL 15.13 Increased By ▲ 0.10 (0.67%)
PIBTL 4.83 Decreased By ▼ -0.07 (-1.43%)
PRL 15.66 Decreased By ▼ -0.32 (-2%)
SILK 1.07 Decreased By ▼ -0.03 (-2.73%)
TELE 8.85 Increased By ▲ 0.03 (0.34%)
TPL 7.34 Increased By ▲ 0.26 (3.67%)
TPLP 19.49 Increased By ▲ 0.23 (1.19%)
TREET 21.08 Increased By ▲ 0.23 (1.1%)
TRG 137.25 Increased By ▲ 0.65 (0.48%)
UNITY 16.30 Decreased By ▼ -0.25 (-1.51%)
WAVES 9.35 Increased By ▲ 0.10 (1.08%)
WTL 1.38 Increased By ▲ 0.03 (2.22%)
BR100 4,164 Increased By 6.3 (0.15%)
BR30 15,350 Increased By 10.3 (0.07%)
KSE100 41,698 Increased By 46.7 (0.11%)
KSE30 15,402 Increased By 22.3 (0.15%)
Markets

Gold extends losses as US bond yields firm, dollar rebounds

  • The European Central Bank may need some time before the recently agreed acceleration in the pace of money printing, ECB President Christine Lagarde said on Thursday.
Published March 19, 2021
Follow us

Gold prices fell on Friday, pressured by a surge in US Treasury yields and a rebound in the dollar, but the metal's jump to a two-week high in the previous session set it on track to record a small weekly gain.

FUNDAMENTALS

Spot gold fell 0.5% to $1,728.63 per ounce by 0121 GMT, after hitting its highest since March 1 in the previous session. US gold futures were down 0.3% at $1,728.00 per ounce.

The yield on the US 10-year Treasury note on Thursday rose above 1.75% for the first time in 14 months after the Federal Reserve pledged to look past inflation and keep interest rates near 0% until at least 2024.

Higher yields lift the opportunity cost of holding non-yielding bullion.

The dollar also climbed, making gold expensive for non-holders of the US currency.

The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, but the labour market is regaining its footing as an acceleration in the pace of vaccinations leads to more businesses reopening.

The Bank of England said Britain's economic recovery was gathering pace but policymakers were split over the prospects for longer-term improvement, dampening speculation about a reversal of stimulus.

The European Central Bank may need some time before the recently agreed acceleration in the pace of money printing, ECB President Christine Lagarde said on Thursday.

Switzerland in February sent gold to mainland China for the first time since September and shipments to India and Thailand rose to multi-year highs.

Palladium was little changed at $2,682.68, having risen over 7.3% to its highest since Feb. 28, 2020 on Thursday. Supply concerns emerged after the biggest producer of the metal, Russia's Nornickel Nickel, cut output estimates.

Silver fell 0.6% to $25.89 and platinum was down 0.7% at $1,198.19.

Comments

Comments are closed.

Gold extends losses as US bond yields firm, dollar rebounds

Economy: Dar, others take stock of situation

Weekly SPI inflation unchanged on average

Xi calls for oil trade in yuan

Unilateral hike in rates of SEZs’ plots disallowed

FTO orders FBR to release soybean consignments

Russia could cut oil production over West’s ‘stupid’ price cap

Oil rebounds, but still on track for biggest weekly declines

ECs: SBP further tightening data reporting mechanism

Wapda asked to shift troops from Dasu hospital

Matters adjudicated by courts: FBR maintains no data bank