ANL 15.49 Decreased By ▼ -0.71 (-4.38%)
ASC 14.00 Decreased By ▼ -0.63 (-4.31%)
ASL 20.00 Decreased By ▼ -0.04 (-0.2%)
BOP 8.70 Increased By ▲ 0.15 (1.75%)
BYCO 7.30 Decreased By ▼ -0.23 (-3.05%)
FCCL 16.98 Decreased By ▼ -0.52 (-2.97%)
FFBL 22.80 Decreased By ▼ -0.35 (-1.51%)
FFL 14.90 Decreased By ▼ -0.35 (-2.3%)
FNEL 7.06 Decreased By ▼ -0.29 (-3.95%)
GGGL 16.30 Decreased By ▼ -0.85 (-4.96%)
GGL 28.40 Decreased By ▼ -1.55 (-5.18%)
HUMNL 6.14 Increased By ▲ 0.18 (3.02%)
JSCL 20.40 Decreased By ▼ -0.28 (-1.35%)
KAPCO 28.50 Decreased By ▼ -0.49 (-1.69%)
KEL 3.41 Decreased By ▼ -0.07 (-2.01%)
MDTL 2.15 Increased By ▲ 0.04 (1.9%)
MLCF 32.48 Decreased By ▼ -1.12 (-3.33%)
NETSOL 101.45 Decreased By ▼ -4.55 (-4.29%)
PACE 4.20 Decreased By ▼ -0.13 (-3%)
PAEL 26.51 Decreased By ▼ -1.44 (-5.15%)
PIBTL 8.40 Decreased By ▼ -0.30 (-3.45%)
POWER 6.71 Decreased By ▼ -0.19 (-2.75%)
PRL 16.38 Decreased By ▼ -0.80 (-4.66%)
PTC 9.11 Decreased By ▼ -0.19 (-2.04%)
SILK 1.42 Decreased By ▼ -0.02 (-1.39%)
SNGP 42.50 Increased By ▲ 0.17 (0.4%)
TELE 16.45 No Change ▼ 0.00 (0%)
TRG 128.35 Decreased By ▼ -7.43 (-5.47%)
UNITY 28.69 Decreased By ▼ -1.21 (-4.05%)
WTL 2.28 Decreased By ▼ -0.12 (-5%)
BR100 4,607 Decreased By ▼ -60.66 (-1.3%)
BR30 20,274 Decreased By ▼ -617.96 (-2.96%)
KSE100 44,629 Decreased By ▼ -192.08 (-0.43%)
KSE30 17,456 Decreased By ▼ -65.93 (-0.38%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,300
2024hr
Pakistan Cases
1,265,650
60324hr
1.38% positivity
Sindh
466,154
Punjab
438,133
Balochistan
33,133
Islamabad
106,504
KPK
176,950

NEW YORK: Gold fell on Monday as an uptick in US Treasury yields weighed on bullion’s appeal, while investors awaited key US inflation and retail sales data to gauge the health of the economy.

Spot gold fell 0.6 % to $1,732.14 per ounce by 1:57 p.m. EDT (1757 GMT). US gold futures settled down 0.7% at $1,732.70.

Elevated yields are still an underlying negative for the metals markets that produce no dividend or yield, said Kitco Metals senior analyst Jim Wyckoff. “The bulls lost a little bit of momentum and that is prompting shorter term technical traders to press the sell side, putting prices under pressure.”

US Treasury yields remained slightly higher following a good three-year note auction, and ahead of key data releases this week, including consumer price inflation on Tuesday.

Retail sales data is expected on Thursday.

Higher yields threaten gold’s appeal as an inflation hedge as they increase the opportunity cost of holding bullion, which pays no interest.

Federal Reserve Chair Jerome Powell, in comments aired on Sunday, said the US economy was at an “inflection point,” with hopes of more growth and hiring in the coming months. He also cited risks of a spike in COVID-19 cases if there is a hasty reopening.

A new Fed framework builds in allowances for inflation to run above the central bank’s 2% target for a time without the Fed intervening to rein it in.

Gold is likely to benefit if inflation rises much higher than the target, said StoneX analyst Rhona O’Connell. “If we do start seeing inflation accelerating and people start thinking interest rates are going to go up again, then gold might struggle a bit.”

Among other precious metals, silver fell 1.7% to $24.82 per ounce. Palladium gained 1.3% to $2,674.68 per ounce and platinum dipped 2.3% to $1,170.90, having earlier hit a near two-week low of $1,164.50.

The world’s largest palladium producer, Russia’s Nornickel said it will fully restart operations this month at one of two major mines hit by flooding, earlier than previously expected.

Comments

Comments are closed.