AVN 64.80 Increased By ▲ 0.63 (0.98%)
BAFL 31.10 Increased By ▲ 1.20 (4.01%)
BOP 4.71 Increased By ▲ 0.08 (1.73%)
CNERGY 3.87 Decreased By ▼ -0.02 (-0.51%)
DFML 13.40 Increased By ▲ 0.05 (0.37%)
DGKC 41.32 Increased By ▲ 0.47 (1.15%)
EPCL 46.14 Decreased By ▼ -0.86 (-1.83%)
FCCL 11.30 Increased By ▲ 0.30 (2.73%)
FFL 5.05 Decreased By ▼ -0.03 (-0.59%)
FLYNG 5.79 Increased By ▲ 0.02 (0.35%)
GGL 9.95 Increased By ▲ 0.20 (2.05%)
HUBC 64.12 Increased By ▲ 2.17 (3.5%)
HUMNL 5.65 No Change ▼ 0.00 (0%)
KAPCO 27.85 Increased By ▲ 0.27 (0.98%)
KEL 2.14 Decreased By ▼ -0.01 (-0.47%)
LOTCHEM 24.39 Increased By ▲ 0.09 (0.37%)
MLCF 21.30 Increased By ▲ 0.58 (2.8%)
NETSOL 84.41 Increased By ▲ 1.31 (1.58%)
OGDC 87.78 Increased By ▲ 1.73 (2.01%)
PAEL 10.93 Increased By ▲ 0.13 (1.2%)
PIBTL 4.18 Increased By ▲ 0.04 (0.97%)
PPL 77.40 Increased By ▲ 1.21 (1.59%)
PRL 13.64 Decreased By ▼ -0.02 (-0.15%)
SILK 0.89 No Change ▼ 0.00 (0%)
SNGP 41.55 Increased By ▲ 0.80 (1.96%)
TELE 5.87 Decreased By ▼ -0.01 (-0.17%)
TPLP 15.80 Increased By ▲ 0.15 (0.96%)
TRG 112.68 Increased By ▲ 2.58 (2.34%)
UNITY 13.95 Increased By ▲ 0.20 (1.45%)
WTL 1.15 No Change ▼ 0.00 (0%)
BR100 4,044 Increased By 77.3 (1.95%)
BR30 14,454 Increased By 269.7 (1.9%)
KSE100 40,623 Increased By 751.6 (1.88%)
KSE30 15,169 Increased By 271.3 (1.82%)
Markets

Gold firms on dollar and US bond yield retreat

  • US bond yields dip from 14-month highs.
  • Palladium heads for best week since early November.
  • Gold up more than 0.8% this week.
Published March 19, 2021
Follow us

Gold edged higher on Friday, on track for a second consecutive weekly gain, as a slight retreat by the dollar and US Treasury yields offered support to the safe-haven metal.

Spot gold was up 0.3% at $1,741.60 an ounce by 1143 GMT, with bullion up more than 0.8% over the week. US gold futures gained 0.3% to $1,738.

"A correction in the US 10-year Treasury yield, and indeed in the US dollar index, is offering a little bit of a lift to gold prices, but we've been up here before around the $1,745 level and gold's found some resistance," said independent analyst Ross Norman.

"It doesn't feel like gold got a lot of momentum behind it or sufficient to push it through. We might require a convincing indication that these corrections in yield and the US dollar are more sustainable, and there's no evidence of that just now."

The benchmark US 10-year yield eased to 1.671% from Thursday's more than one-year peak at 1.754% while the dollar gave up early gains.

The US Federal Reserve this week repeated its pledge to keep its target interest rate near zero and said it expects higher economic growth and inflation this year.

Gold is often used as a hedge against higher inflation, but a recent spike in US Treasury yields has weighed on the non-yielding commodity.

Palladium dropped 2% to $2,628.84 an ounce after rising as much as 7.3% in the previous session. The auto-catalyst metal was on track for close to a 12% weekly jump, its biggest since early November.

"Volatility on the palladium market remains very high. Though the price is trading $100 lower today, the 'risk' of another surge in the short term is probably high," Commerzbank analysts wrote in a note.

Silver rose 0.5% to $26.18 and platinum was down 0.8% at $1,197.57.

Comments

Comments are closed.

Gold firms on dollar and US bond yield retreat

Govt offers its SOE stakes to 2 UAE firms

Death toll in Peshawar mosque suicide blast passes 90

Inflationary pressure expected to calm down gradually: Finance Division

Intra-day update: rupee sees some improvement against US dollar

Intra-day update: Bull run at PSX, KSE-100 up over 750 points

Pakistan’s performance worsens, rank remains same in corruption perception index

Indus Motor to shut down plant for two weeks

Toshakhana case: Islamabad court decides to indict Imran Khan on February 7

Bangladesh secures $4.7bn from IMF as other South Asian countries see delays

Central banks bought the most gold since 1967 last year, WGC says