ANL 16.20 Decreased By ▼ -0.18 (-1.1%)
ASC 14.63 Increased By ▲ 0.95 (6.94%)
ASL 20.04 Decreased By ▼ -0.41 (-2%)
BOP 8.55 Decreased By ▼ -0.05 (-0.58%)
BYCO 7.53 Increased By ▲ 0.24 (3.29%)
FCCL 17.50 Increased By ▲ 0.11 (0.63%)
FFBL 23.15 Increased By ▲ 1.68 (7.82%)
FFL 15.25 Increased By ▲ 0.35 (2.35%)
FNEL 7.35 Increased By ▲ 0.05 (0.68%)
GGGL 17.15 Increased By ▲ 0.74 (4.51%)
GGL 29.95 Increased By ▲ 0.10 (0.34%)
HUMNL 5.96 Increased By ▲ 0.17 (2.94%)
JSCL 20.68 Increased By ▲ 0.28 (1.37%)
KAPCO 28.99 Increased By ▲ 0.31 (1.08%)
KEL 3.48 Increased By ▲ 0.03 (0.87%)
MDTL 2.11 Decreased By ▼ -0.09 (-4.09%)
MLCF 33.60 Increased By ▲ 0.18 (0.54%)
NETSOL 106.00 Decreased By ▼ -1.55 (-1.44%)
PACE 4.33 Decreased By ▼ -0.17 (-3.78%)
PAEL 27.95 Increased By ▲ 0.75 (2.76%)
PIBTL 8.70 Increased By ▲ 0.10 (1.16%)
POWER 6.90 Decreased By ▼ -0.03 (-0.43%)
PRL 17.18 Increased By ▲ 0.87 (5.33%)
PTC 9.30 Increased By ▲ 0.12 (1.31%)
SILK 1.44 No Change ▼ 0.00 (0%)
SNGP 42.33 Increased By ▲ 0.27 (0.64%)
TELE 16.45 Decreased By ▼ -0.09 (-0.54%)
TRG 135.78 Decreased By ▼ -2.22 (-1.61%)
UNITY 29.90 Increased By ▲ 1.40 (4.91%)
WTL 2.40 Decreased By ▼ -0.05 (-2.04%)
BR100 4,668 Increased By ▲ 50.21 (1.09%)
BR30 20,892 Increased By ▲ 107.28 (0.52%)
KSE100 44,822 Increased By ▲ 487.85 (1.1%)
KSE30 17,521 Increased By ▲ 178.45 (1.03%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,252
2424hr
Pakistan Cases
1,263,664
89324hr
1.7% positivity
Sindh
465,175
Punjab
437,572
Balochistan
33,114
Islamabad
106,402
KPK
176,650
Markets

Gold firms near 1-month peak as dollar, U.S. yields retreat

  • Spot gold rose 1.11pc to $1,756.56 per ounce by 1:43 p.m. EDT (1743 GMT), having earlier hit its highest since March 1 at $1,758.45.
Updated 09 Apr 2021

Gold prices climbed to their highest level in more than a month on Thursday as the dollar and U.S. yields dropped and the Federal Reserve's reiteration of its dovish policy stance also lifted bullion's appeal.

Spot gold rose 1.11pc to $1,756.56 per ounce by 1:43 p.m. EDT (1743 GMT), having earlier hit its highest since March 1 at $1,758.45. U.S. gold futures settled up about 1pc at $1,758.2.

"The dollar and U.S. yields are coming off and that's the key catalyst right now... a pretty unimpressive jobs number is also helping push gold higher," said Bob Haberkorn, senior market strategist, RJO Futures.

"And the fact that we're above $1,750, which is a key technical level, shows that gold has some legs to continue higher."

The dollar slipped to a more than two-week low, while benchmark Treasury yields eased, making gold more appealing compared to alternative investments like bonds.

New U.S. claims for unemployment benefits unexpectedly rose last week, data showed.

This further highlighted the Fed's commitment of supporting the economy until its recovery is more secure, minutes of the central bank's latest policy meeting showed on Wednesday.

"Gold has been somewhat weak because people have been very optimistic about the economic recovery and the vaccinations resolving the pandemic and the Fed sort of reinforced the view that the pandemic is not over," said Jeffrey Christian, managing partner of CPM Group.

"There is a real race between the variants and the vaccinations, and right now the variants seem to have the upper hand on a global basis."

Market participants now await Fed Chair Jerome Powell's speech at a virtual International Monetary Fund conference later on Thursday.

Silver gained 1.4pc to $25.47 per ounce, having hit a more than two-week peak of $25.60. Palladium added 0.3pc to $2,630.19 per ounce, while platinum rose 0.4pc to $1,229.99.

Comments

Comments are closed.