ANL 19.29 Decreased By ▼ -1.56 (-7.48%)
ASC 13.45 Decreased By ▼ -0.09 (-0.66%)
ASL 22.20 Decreased By ▼ -0.80 (-3.48%)
BOP 8.18 Decreased By ▼ -0.02 (-0.24%)
BYCO 7.55 Decreased By ▼ -0.26 (-3.33%)
FCCL 17.45 Decreased By ▼ -0.35 (-1.97%)
FFBL 22.10 Decreased By ▼ -0.65 (-2.86%)
FFL 15.20 Decreased By ▼ -0.30 (-1.94%)
FNEL 7.40 Increased By ▲ 0.05 (0.68%)
GGGL 17.00 Decreased By ▼ -0.83 (-4.66%)
GGL 39.30 Decreased By ▼ -0.71 (-1.77%)
HUMNL 5.76 Decreased By ▼ -0.26 (-4.32%)
JSCL 18.00 Decreased By ▼ -0.30 (-1.64%)
KAPCO 35.95 Decreased By ▼ -0.40 (-1.1%)
KEL 3.29 Decreased By ▼ -0.11 (-3.24%)
MDTL 2.50 Decreased By ▼ -0.15 (-5.66%)
MLCF 34.24 Decreased By ▼ -0.86 (-2.45%)
NETSOL 119.85 Decreased By ▼ -9.55 (-7.38%)
PACE 4.94 Increased By ▲ 0.19 (4%)
PAEL 26.53 Decreased By ▼ -0.47 (-1.74%)
PIBTL 8.71 Decreased By ▼ -0.14 (-1.58%)
POWER 7.25 Decreased By ▼ -0.20 (-2.68%)
PRL 16.97 Decreased By ▼ -0.18 (-1.05%)
PTC 9.65 Decreased By ▼ -0.36 (-3.6%)
SILK 1.50 No Change ▼ 0.00 (0%)
SNGP 45.10 Increased By ▲ 0.10 (0.22%)
TELE 17.48 Decreased By ▼ -1.41 (-7.46%)
TRG 161.00 Decreased By ▼ -1.70 (-1.04%)
UNITY 31.80 Decreased By ▼ -1.15 (-3.49%)
WTL 2.85 Decreased By ▼ -0.09 (-3.06%)
BR100 4,718 Decreased By ▼ -14.65 (-0.31%)
BR30 22,320 Decreased By ▼ -482.1 (-2.11%)
KSE100 45,074 Decreased By ▼ -223.36 (-0.49%)
KSE30 17,742 Decreased By ▼ -68.18 (-0.38%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,524
4224hr
Pakistan Cases
1,236,888
2,06024hr
4.58% positivity
Sindh
454,510
Punjab
427,583
Balochistan
32,837
Islamabad
104,913
KPK
172,766
Markets

Gold flat as robust US economic data counters lower yields

  • Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.3% on Wednesday from Tuesday.
16 Apr 2021

Gold prices were steady on Friday as robust US economic data nullified support from lower Treasury yields, although the metal looked set to post a second straight weekly gain on inflationary concerns.

FUNDAMENTALS

Spot gold was steady at $1,763.46 per ounce by 0113 GMT. US gold futures were down 0.2% to $1,763.80 per ounce.

Gold was set for its best week in five as inflationary concerns over massive fiscal aids and ultra-low interest rates across the globe kept the metal supported.

US Treasury yields plummeted to one-month lows on Thursday after the US government imposed a broad array of sanctions on Russia as punishment for alleged misdeeds, including interfering in the 2020 US election.

Low bond returns reduce the opportunity cost of holding non-yielding bullion.

Weighing on gold, data showed a better-than-expected rebound in US retail sales in March, while weekly initial claims for state unemployment benefits dropped to the lowest level since mid-March 2020.

China's economic recovery from a coronavirus-induced downturn earlier last year likely accelerated rapidly in the first quarter, driven by improved demand at home and abroad and continued government support for smaller companies.

Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.3% on Wednesday from Tuesday.

Silver was flat at $25.85 per ounce, but up for a second straight week.

Palladium was steady at $2,741.84 but up about 4% for the week. Platinum gained 0.5% to $1,198.21.

Comments

Comments are closed.