ANL 31.55 Increased By ▲ 0.05 (0.16%)
ASC 20.80 Increased By ▲ 1.00 (5.05%)
ASL 24.00 Increased By ▲ 0.04 (0.17%)
BOP 8.17 Decreased By ▼ -0.10 (-1.21%)
BYCO 10.24 Decreased By ▼ -0.18 (-1.73%)
FCCL 22.60 Decreased By ▼ -0.13 (-0.57%)
FFBL 27.20 Increased By ▲ 0.10 (0.37%)
FFL 21.20 Increased By ▲ 0.80 (3.92%)
FNEL 9.18 Increased By ▲ 0.40 (4.56%)
GGGL 28.03 Decreased By ▼ -0.07 (-0.25%)
GGL 46.75 Increased By ▲ 0.20 (0.43%)
HUMNL 7.55 Increased By ▲ 0.20 (2.72%)
JSCL 22.93 Increased By ▲ 0.28 (1.24%)
KAPCO 40.10 Increased By ▲ 0.18 (0.45%)
KEL 3.94 Decreased By ▼ -0.04 (-1.01%)
MDTL 3.81 Increased By ▲ 0.06 (1.6%)
MLCF 45.10 Decreased By ▼ -0.65 (-1.42%)
NETSOL 167.35 Increased By ▲ 1.29 (0.78%)
PACE 8.03 Decreased By ▼ -0.12 (-1.47%)
PAEL 34.87 Increased By ▲ 0.42 (1.22%)
PIBTL 11.35 Decreased By ▼ -0.10 (-0.87%)
POWER 9.35 Decreased By ▼ -0.01 (-0.11%)
PRL 24.13 Increased By ▲ 0.24 (1%)
PTC 11.75 Decreased By ▼ -0.05 (-0.42%)
SILK 1.83 No Change ▼ 0.00 (0%)
SNGP 51.18 Decreased By ▼ -5.07 (-9.01%)
TELE 15.57 Increased By ▲ 0.82 (5.56%)
TRG 168.06 Increased By ▲ 0.80 (0.48%)
UNITY 43.84 Decreased By ▼ -0.36 (-0.81%)
WTL 3.82 Increased By ▲ 0.26 (7.3%)
BR100 5,176 Decreased By ▼ -28.35 (-0.54%)
BR30 26,711 Decreased By ▼ -45.55 (-0.17%)
KSE100 47,673 Decreased By ▼ -120.39 (-0.25%)
KSE30 19,107 Decreased By ▼ -54.37 (-0.28%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,048
3224hr
Pakistan Cases
1,008,446
3,75224hr
7.51% positivity
Sindh
367,092
Punjab
353,238
Balochistan
29,571
Islamabad
85,780
KPK
141,925
Markets

Gold jumps as stocks slip on inflation fears; Fed minutes eyed

  • Spot gold was 0.9pc higher at $1,884.46 by 12:17 p.m. EDT (1617 GMT), having earlier hit its highest since Jan. 8 at $1,889.75. U.S. gold futures gained 0.9pc to $1,885.50.
19 May 2021

Gold jumped over 1pc to a more than four-month high on Wednesday as weaker equity markets and inflation concerns boosted bullion's safe-haven appeal, with focus turning to minutes from the U.S. Federal Reserve's latest policy meeting.

Spot gold was 0.9pc higher at $1,884.46 by 12:17 p.m. EDT (1617 GMT), having earlier hit its highest since Jan. 8 at $1,889.75. U.S. gold futures gained 0.9pc to $1,885.50.

"There's a lot of turmoil in the global equity markets, so there's flight to safety. Gold has bounced pretty good off its lows... there's an opportunity here to move back above $1,900 shortly," said Bob Haberkorn, senior market strategist at RJO Futures.

Global stocks slipped as a threat of unwanted inflation had investors shy away from riskier assets.

Minutes from the Fed's April 27-28 policy meeting are due at 1800 GMT.

"The markets are also pricing in the Fed to be dovish," Haberkorn said, adding the central bank will not change its stance on inflation at the moment.

Gold has risen by more than $200, or over 12pc, since falling to a nine-month trough in early March, with gains driven by a pullback in the dollar and a rise in inflation expectations, as bullion is considered a hedge against inflation.

"Supportive institutional flows have helped the yellow metal break out from its downtrend... most recently highlighted by rising exchange traded flows (ETF) flows alongside rising money manager positioning," TD Securities said in a note.

"With investors sounding the alarm over inflation, institutional interest in the precious metals complex is likely to continue rising following months of outflows."

Gold also seemed to benefit from a tumble in bitcoin, as selling in digital coins intensified after China's ban, analysts said.

Silver eased 0.8pc to $27.97 per ounce. Palladium fell 1pc to $2,873.29, while platinum lost 1.8pc to $1,196.10.