AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,941 Increased By 63.6 (0.92%)
BR30 22,802 Increased By 233 (1.03%)
KSE100 67,176 Increased By 628.6 (0.94%)
KSE30 22,105 Increased By 189.8 (0.87%)
Markets

Gold prices hover near 5-month highs as US yields retreat

  • SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell to 1,041.75 tonnes on Wednesday from 1,045.83 tonnes on Tuesday.
Published June 3, 2021

Gold prices hovered near five-month highs on Thursday, supported by a pullback in US Treasury yields, while investors looked ahead to key US economic data later this week.

FUNDAMENTALS

  • Spot gold was steady at $1,907.67 per ounce, as of 0042 GMT. On Tuesday, gold prices hit their highest level since Jan. 8 at $1,916.40.

  • US gold futures were little changed at $1,910.60 per ounce.

  • The US 10-year Treasury yield slipped below 1.60%, reducing the opportunity cost of holding non-interest bearing gold.

  • The dollar index gave up overnight gains and was trading around 89.913 against its rivals.

  • Focus shifts to US weekly jobless claims data later in the day followed by monthly jobs numbers on Friday, for further clues on economic recovery and rising inflation.

  • The US economic recovery accelerated in recent weeks even as a long list of supply chain troubles, hiring difficulties, and rising prices cascaded through the country, Federal Reserve officials said in their latest review of economic conditions.

  • The European Central Bank will not change the total size of its asset purchase programme at its June 10 meeting but will start tapering its pandemic purchases later this year, according to a Reuters poll which also showed inflation risks to the upside.

  • SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell to 1,041.75 tonnes on Wednesday from 1,045.83 tonnes on Tuesday.

  • Silver edged 0.1% lower to $28.16 per ounce, palladium rose 0.2% to $2,861.65, and platinum gained 0.2% at $1,192.

Comments

Comments are closed.