AGL 5.95 Decreased By ▼ -0.13 (-2.14%)
ANL 9.26 Decreased By ▼ -0.14 (-1.49%)
AVN 80.82 Decreased By ▼ -0.64 (-0.79%)
BOP 5.20 Decreased By ▼ -0.07 (-1.33%)
CNERGY 4.86 Decreased By ▼ -0.04 (-0.82%)
EFERT 81.82 Increased By ▲ 0.27 (0.33%)
EPCL 53.94 Decreased By ▼ -0.06 (-0.11%)
FCCL 14.29 Decreased By ▼ -0.11 (-0.76%)
FFL 5.93 Decreased By ▼ -0.12 (-1.98%)
FLYNG 7.44 Decreased By ▼ -0.12 (-1.59%)
FNEL 4.95 Decreased By ▼ -0.05 (-1%)
GGGL 9.18 Decreased By ▼ -0.14 (-1.5%)
GGL 16.51 Decreased By ▼ -0.19 (-1.14%)
HUMNL 6.14 Increased By ▲ 0.45 (7.91%)
KEL 2.77 Decreased By ▼ -0.02 (-0.72%)
LOTCHEM 30.81 Increased By ▲ 0.26 (0.85%)
MLCF 27.45 Decreased By ▼ -0.34 (-1.22%)
OGDC 74.27 Increased By ▲ 0.27 (0.36%)
PAEL 15.98 Decreased By ▼ -0.21 (-1.3%)
PIBTL 5.21 Decreased By ▼ -0.02 (-0.38%)
PRL 17.01 Decreased By ▼ -0.28 (-1.62%)
SILK 1.10 Increased By ▲ 0.01 (0.92%)
TELE 10.00 Decreased By ▼ -0.04 (-0.4%)
TPL 7.65 Decreased By ▼ -0.05 (-0.65%)
TPLP 19.41 Decreased By ▼ -0.36 (-1.82%)
TREET 22.72 Decreased By ▼ -0.47 (-2.03%)
TRG 146.80 Decreased By ▼ -0.55 (-0.37%)
UNITY 17.09 Decreased By ▼ -0.10 (-0.58%)
WAVES 10.33 Decreased By ▼ -0.05 (-0.48%)
WTL 1.42 Decreased By ▼ -0.04 (-2.74%)
BR100 4,330 Increased By 3.4 (0.08%)
BR30 16,296 Increased By 46.9 (0.29%)
KSE100 42,904 Increased By 23.3 (0.05%)
KSE30 15,805 Decreased By -4.6 (-0.03%)
Follow us

AMSTERDAM/LONDON: Gold jumped over 1% 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 US Federal Reserve latest policy meeting.

Spot gold rose 0.9% to $1,884.30 by 10:16 a.m. EDT (1416 GMT), having earlier hit its highest since Jan. 8 at $1,889.75. US gold futures dipped 0.1% to $1,865.20.

“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 12%, 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 0.8% at $27.99 per ounce. Palladium fell 1.5% at $2,860.39, while platinum fell 2.1% to $1,192.59.

Comments

Comments are closed.

Gold climbs in European trade

PM Shehbaz urges Turkiye to invest in Pakistan's mega solar project

Ishaq Dar says Pakistani delegation to leave for Russia for potential oil deal

Pakistan secures €150mn in aid from ECO Trade and Development Bank: Marriyum

Saudi Arabia blocks Qatari beIN’s World Cup streaming platform

Ukraine president’s chief of staff says Russia ‘will pay’ for Soviet-era famine

Xi tells Kim China willing to work with North Korea for ‘world peace’

Owned by resident Pakistanis: FBR starts taxing hundreds of foreign properties

Argentina look to Messi to salvage World Cup bid

China’s Shenzhen Energy signs long-term LNG contract with BP

Overnight reverse repo (ceiling) rate to be 17pc