ANL 31.35 Decreased By ▼ -0.20 (-0.63%)
ASC 20.90 Increased By ▲ 0.10 (0.48%)
ASL 23.90 Decreased By ▼ -0.10 (-0.42%)
BOP 8.41 Increased By ▲ 0.24 (2.94%)
BYCO 10.04 Decreased By ▼ -0.20 (-1.95%)
FCCL 22.20 Decreased By ▼ -0.40 (-1.77%)
FFBL 27.44 Increased By ▲ 0.24 (0.88%)
FFL 20.79 Decreased By ▼ -0.41 (-1.93%)
FNEL 8.85 Decreased By ▼ -0.33 (-3.59%)
GGGL 27.45 Decreased By ▼ -0.58 (-2.07%)
GGL 47.10 Increased By ▲ 0.35 (0.75%)
HUMNL 7.40 Decreased By ▼ -0.15 (-1.99%)
JSCL 22.50 Decreased By ▼ -0.43 (-1.88%)
KAPCO 39.80 Decreased By ▼ -0.30 (-0.75%)
KEL 3.92 Decreased By ▼ -0.02 (-0.51%)
MDTL 3.73 Decreased By ▼ -0.08 (-2.1%)
MLCF 44.27 Decreased By ▼ -0.83 (-1.84%)
NETSOL 165.95 Decreased By ▼ -1.40 (-0.84%)
PACE 7.67 Decreased By ▼ -0.36 (-4.48%)
PAEL 34.01 Decreased By ▼ -0.86 (-2.47%)
PIBTL 11.25 Decreased By ▼ -0.10 (-0.88%)
POWER 9.20 Decreased By ▼ -0.15 (-1.6%)
PRL 23.80 Decreased By ▼ -0.33 (-1.37%)
PTC 11.73 Decreased By ▼ -0.02 (-0.17%)
SILK 1.82 Decreased By ▼ -0.01 (-0.55%)
SNGP 49.60 Decreased By ▼ -1.58 (-3.09%)
TELE 15.06 Decreased By ▼ -0.51 (-3.28%)
TRG 166.20 Decreased By ▼ -1.86 (-1.11%)
UNITY 42.97 Decreased By ▼ -0.87 (-1.98%)
WTL 3.74 Decreased By ▼ -0.08 (-2.09%)
BR100 5,167 Decreased By ▼ -9.46 (-0.18%)
BR30 26,489 Decreased By ▼ -221.93 (-0.83%)
KSE100 47,687 Increased By ▲ 14.31 (0.03%)
KSE30 19,130 Increased By ▲ 22.74 (0.12%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,087
3924hr
Pakistan Cases
1,011,708
3,26224hr
6.6% positivity
Sindh
369,245
Punjab
353,695
Balochistan
29,681
Islamabad
85,947
KPK
142,139
Markets

Gold dips after strong US data; set to post worst week in a month

  • "Better economic data weighed on bonds, with yields subsequently rising and denting investor demand for the precious metal," ANZ analysts said in a note.
30 Apr 2021

Gold prices fell on Friday, on track to post their worst week in a month, as strong US economic data and elevated Treasury yields weighed, while palladium came off a record high scaled a day earlier.

Spot gold slipped 0.3% to $1,765.15 per ounce by 0346 GMT, down nearly 0.6% so far in the week. US gold futures were down 0.1% to $1,765.60 per ounce.

Despite the decline, bullion was poised for its first monthly gain of this year, having jumped to a two-month high of $1,797.67 on April 22.

Data showed on Thursday that US economic growth accelerated in the first quarter as fiscal stimulus fuelled consumer spending and set the course for what is expected to be the strongest performance this year in nearly four decades.

"This string of consecutively strong US economic data is weighing on gold," said Stephen Innes, managing partner at SPI Asset Management, adding that people would rather book profits on month-end after a decent run-up in gold.

"Gold still remains bid, it is just not a strong hand right now, because of the month-end rebalancing." Benchmark US 10-year Treasury yields

hovered near a more than two-week high, increasing the opportunity cost of holding non-yielding bullion.

"Better economic data weighed on bonds, with yields subsequently rising and denting investor demand for the precious metal," ANZ analysts said in a note.

Palladium fell 0.1% to $2,948.78 per ounce, after hitting an all-time high of $2,981.99 on Thursday. It was still on track to post its third consecutive weekly and monthly gain.

Silver fell 0.7% to $25.89 per ounce but was poised for a 6% monthly gain - its biggest since December. Platinum was up 0.2% at $1,200.66.