ANL 31.84 Increased By ▲ 2.16 (7.28%)
ASC 20.12 Decreased By ▼ -0.10 (-0.49%)
ASL 24.40 Decreased By ▼ -0.58 (-2.32%)
BOP 8.36 Increased By ▲ 0.08 (0.97%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
FCCL 22.25 Increased By ▲ 0.05 (0.23%)
FFBL 26.50 Decreased By ▼ -0.20 (-0.75%)
FFL 20.20 Decreased By ▼ -0.05 (-0.25%)
FNEL 8.93 Decreased By ▼ -0.10 (-1.11%)
GGGL 27.60 Increased By ▲ 0.20 (0.73%)
GGL 46.30 Increased By ▲ 0.67 (1.47%)
HUMNL 7.18 Decreased By ▼ -0.10 (-1.37%)
JSCL 22.40 Increased By ▲ 0.55 (2.52%)
KAPCO 39.94 Increased By ▲ 0.34 (0.86%)
KEL 3.89 Decreased By ▼ -0.02 (-0.51%)
MDTL 3.68 Increased By ▲ 0.04 (1.1%)
MLCF 45.65 Increased By ▲ 0.11 (0.24%)
NETSOL 161.00 Decreased By ▼ -0.80 (-0.49%)
PACE 7.76 Increased By ▲ 0.31 (4.16%)
PAEL 33.10 Decreased By ▼ -0.20 (-0.6%)
PIBTL 11.09 Decreased By ▼ -0.06 (-0.54%)
POWER 9.20 No Change ▼ 0.00 (0%)
PRL 23.60 Decreased By ▼ -0.30 (-1.26%)
PTC 11.98 Decreased By ▼ -0.14 (-1.16%)
SILK 1.85 Increased By ▲ 0.06 (3.35%)
SNGP 53.00 Increased By ▲ 2.40 (4.74%)
TELE 18.20 Increased By ▲ 1.16 (6.81%)
TRG 160.87 Decreased By ▼ -1.63 (-1%)
UNITY 40.90 Increased By ▲ 0.10 (0.25%)
WTL 3.66 Decreased By ▼ -0.01 (-0.27%)
BR100 5,193 Increased By ▲ 4.03 (0.08%)
BR30 26,331 Increased By ▲ 81.26 (0.31%)
KSE100 47,790 Increased By ▲ 31.56 (0.07%)
KSE30 19,096 Decreased By ▼ -14.18 (-0.07%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,575
4624hr
Pakistan Cases
1,047,999
4,72224hr
8.15% positivity
Sindh
389,699
Punjab
359,321
Balochistan
30,749
Islamabad
88,676
KPK
145,862
Markets

Gold hits 4-1/2 month peak as dollar, U.S. yields weaken

  • Spot gold rose 0.8pc to $1,896.74 per ounce by 1:42 p.m. EDT (1742 GMT), having earlier hit its highest since Jan. 8 at $1,898.40. U.S. gold futures settled up 0.7pc at $1,898.
26 May 2021

Gold prices scaled a more than four-month peak on Tuesday, as the dollar and U.S. Treasury yields slipped amid expectations that the U.S. Federal Reserve will keep its monetary policy accommodative.

Spot gold rose 0.8pc to $1,896.74 per ounce by 1:42 p.m. EDT (1742 GMT), having earlier hit its highest since Jan. 8 at $1,898.40. U.S. gold futures settled up 0.7pc at $1,898.

Data showed a U.S. consumer confidence index for May eased to 117.2.

"With the consumer confidence pulling back a bit, we're getting a knee jerk reaction. Some may be thinking that the Federal Reserve will be more dovish for a longer period of time now," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Gold is often considered a hedge against inflation.

Making bullion more affordable, the dollar index was pinned near 4-1/2 month lows, while U.S. yields touched a two-week low, reducing the opportunity cost of holding non-interest paying gold.

Fed policy makers in separate remarks have played down inflation concerns and reiterated the current easy monetary policy will remain in place.

ED&F Man Capital Markets analyst Edward Meir said "markets are getting a sense that inflation is more deeply embedded than what the Fed is currently expecting ... this is leading to money going into inflation hedges like gold."

"Gold has a good chance of getting to $2,000 during the second half of this year."

Elsewhere, palladium rose 1.7pc to $2,774.22, platinum was up 1.8pc at $1,195.54, and silver was 0.5pc higher at $27.93.