ANL 29.55 Decreased By ▼ -0.25 (-0.84%)
ASC 19.98 Decreased By ▼ -0.42 (-2.06%)
ASL 24.40 Increased By ▲ 0.80 (3.39%)
BOP 8.26 No Change ▼ 0.00 (0%)
BYCO 10.04 Increased By ▲ 0.16 (1.62%)
FCCL 21.95 Increased By ▲ 0.10 (0.46%)
FFBL 27.00 Increased By ▲ 0.09 (0.33%)
FFL 19.33 Decreased By ▼ -0.67 (-3.35%)
FNEL 8.42 Decreased By ▼ -0.32 (-3.66%)
GGGL 25.16 Decreased By ▼ -1.24 (-4.7%)
GGL 43.60 Decreased By ▼ -2.44 (-5.3%)
HUMNL 6.92 Decreased By ▼ -0.13 (-1.84%)
JSCL 21.50 Decreased By ▼ -0.12 (-0.56%)
KAPCO 39.00 Increased By ▲ 0.30 (0.78%)
KEL 3.83 Decreased By ▼ -0.07 (-1.79%)
MDTL 3.52 Decreased By ▼ -0.04 (-1.12%)
MLCF 43.50 No Change ▼ 0.00 (0%)
NETSOL 157.00 Decreased By ▼ -1.50 (-0.95%)
PACE 7.20 Decreased By ▼ -0.25 (-3.36%)
PAEL 33.28 Decreased By ▼ -0.37 (-1.1%)
PIBTL 10.95 Decreased By ▼ -0.05 (-0.45%)
POWER 9.06 Decreased By ▼ -0.14 (-1.52%)
PRL 23.10 Increased By ▲ 0.10 (0.43%)
PTC 11.88 Increased By ▲ 0.28 (2.41%)
SILK 1.72 Decreased By ▼ -0.11 (-6.01%)
SNGP 50.74 Increased By ▲ 0.94 (1.89%)
TELE 15.17 Increased By ▲ 0.37 (2.5%)
TRG 160.25 Increased By ▲ 0.80 (0.5%)
UNITY 40.55 Increased By ▲ 0.10 (0.25%)
WTL 3.43 Decreased By ▼ -0.16 (-4.46%)
BR100 5,093 Decreased By ▼ -3.1 (-0.06%)
BR30 25,710 Decreased By ▼ -44.74 (-0.17%)
KSE100 47,312 Decreased By ▼ -5.7 (-0.01%)
KSE30 18,963 Decreased By ▼ -10.86 (-0.06%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,209
7624hr
Pakistan Cases
1,020,324
4,49724hr
7.53% positivity
Sindh
374,434
Punjab
354,904
Balochistan
30,019
Islamabad
86,602
KPK
142,799

NEW YORK: Gold fell on Wednesday as an uptick in US Treasury yields weighed on the non-yielding bullion’s appeal, eclipsing support from a softer dollar.

Spot gold fell 0.5% to $1,736.02 per ounce by 2:20 p.m EDT (1820 GMT). US gold futures settled down 0.6% at $1,736.30.

The uptick in bond yields seems to be “adding some very light pressure to the (gold) market,” said David Meger, director of metals trading at High Ridge Futures. But gold’s pullback looks more technical in nature with the $1,750 level being both a technical and a psychological level of resistance in the short term, Meger added.

Bullion jumped as much as 0.9% on Tuesday after US consumer prices rose by the most in more than 8-1/2 years in March, kicking off what is expected to be a brief period of higher inflation.

While bullion is considered a hedge against inflation, higher yields challenge that status as they translate into higher opportunity cost of holding bullion.

“The second quarter is likely to present the greatest macro headwinds for gold given our expectations for the USD to firm further temporarily,” Standard Chartered analyst Suki Cooper said.

“But thereafter, we expect the USD to revert to its weakening trend, real yields to remain negative and an uptick in inflation expectations to reignite investor interest in gold,” Cooper added.

Federal Reserve Chair Jerome Powell said the central bank will reduce its monthly bond purchases before it commits to an interest rate increase, clarifying the order of monetary policy changes that are still months if not years in the future.

Silver rose 0.2% to $25.38 per ounce and platinum rose 1.2% to $1,170.13. Palladium dipped 0.6% to $2,674.34.