ANL 33.97 Increased By ▲ 2.37 (7.5%)
ASC 19.56 Increased By ▲ 0.52 (2.73%)
ASL 25.85 Increased By ▲ 0.15 (0.58%)
AVN 90.21 Decreased By ▼ -1.31 (-1.43%)
BOP 8.41 No Change ▼ 0.00 (0%)
BYCO 12.54 Increased By ▲ 0.11 (0.88%)
DGKC 124.71 Decreased By ▼ -0.49 (-0.39%)
EPCL 47.65 Decreased By ▼ -0.05 (-0.1%)
FCCL 23.85 No Change ▼ 0.00 (0%)
FFBL 26.85 Increased By ▲ 0.34 (1.28%)
FFL 18.06 Decreased By ▼ -0.20 (-1.1%)
HASCOL 10.90 Decreased By ▼ -0.28 (-2.5%)
HUBC 80.51 Decreased By ▼ -0.08 (-0.1%)
HUMNL 8.57 Decreased By ▼ -0.28 (-3.16%)
JSCL 22.86 Increased By ▲ 0.07 (0.31%)
KAPCO 43.20 No Change ▼ 0.00 (0%)
KEL 4.12 Decreased By ▼ -0.06 (-1.44%)
LOTCHEM 15.75 No Change ▼ 0.00 (0%)
MLCF 47.67 Decreased By ▼ -0.58 (-1.2%)
PAEL 35.10 Decreased By ▼ -0.16 (-0.45%)
PIBTL 11.86 Decreased By ▼ -0.15 (-1.25%)
POWER 9.86 Decreased By ▼ -0.12 (-1.2%)
PPL 90.06 Increased By ▲ 0.01 (0.01%)
PRL 25.58 Decreased By ▼ -0.08 (-0.31%)
PTC 12.39 Decreased By ▼ -0.36 (-2.82%)
SILK 2.08 Decreased By ▼ -0.03 (-1.42%)
SNGP 48.00 Decreased By ▼ -0.10 (-0.21%)
TRG 162.50 Decreased By ▼ -0.01 (-0.01%)
UNITY 44.21 Decreased By ▼ -0.92 (-2.04%)
WTL 3.86 Decreased By ▼ -0.11 (-2.77%)
BR100 5,241 Decreased By ▼ -7.4 (-0.14%)
BR30 27,347 Decreased By ▼ -62.44 (-0.23%)
KSE100 47,987 Decreased By ▼ -25.38 (-0.05%)
KSE30 19,325 Decreased By ▼ -14.59 (-0.08%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
22,034
2724hr
Pakistan Cases
949,838
66324hr
1.7% positivity
Sindh
332,677
Punjab
345,141
Balochistan
26,673
Islamabad
82,394
KPK
137,147

NEW YORK: Gold fell 1% in choppy trading on Wednesday, en route to snap a five-session-long winning streak, after April’s jump in US consumer prices buoyed the dollar and US Treasury yields, reducing appetite for non-yielding bullion.

Spot gold fell 0.8% to $1,822.91 per ounce by 1:51 p.m. EDT (1751 GMT) after falling up to 1% earlier in the session.

US gold futures settled down 0.7% at $1,822.80.

“People trading gold and silver are a little concerned that maybe this inflation is getting a little too quick, and the Fed did say they have tools to tamp it down. ... Traders are concerned about what those tools may be,” said Bob Haberkorn, senior market strategist at RJO Futures.

“For this week, you’re going to see caution in the gold and silver markets.”

Benchmark US 10-year Treasury yields jumped on the stronger data.

While gold is viewed as a hedge against higher inflation that could follow stimulus measures, higher Treasury yields have weighed on gold, which is down over 4% for the year so far.

The dollar index was up 0.6%, making gold expensive for holders of other currencies.

US Federal Reserve Vice Chair Richard Clarida on Wednesday said it’s “not yet” time to pull back on support for the economy, though he also added the central bank would not hesitate to use tools if it sees risk of persistent upward drift in inflation expectations.

“You’re still going to see the Fed remain stubbornly accommodative here, and that should provide some underlying support (to gold),” Edward Moya, senior market analyst at OANDA, said.

“What you’re going to see is that the market is going to slowly transition to viewing gold as an inflation hedge.”

Elsewhere, palladium fell as much as 3% and was last down 2.4% at $2,867.06 per ounce, while platinum dipped 1.3% to $1,218.83.

Silver fell 1.6% to $27.17 per ounce.