AGL 7.11 Increased By ▲ 0.08 (1.14%)
ANL 10.65 Decreased By ▼ -0.10 (-0.93%)
AVN 76.90 Decreased By ▼ -0.40 (-0.52%)
BOP 5.55 Increased By ▲ 0.06 (1.09%)
CNERGY 5.25 Decreased By ▼ -0.01 (-0.19%)
EFERT 88.99 Increased By ▲ 0.49 (0.55%)
EPCL 74.52 Decreased By ▼ -0.38 (-0.51%)
FCCL 13.60 Decreased By ▼ -0.05 (-0.37%)
FFL 6.61 Decreased By ▼ -0.01 (-0.15%)
FLYNG 7.19 No Change ▼ 0.00 (0%)
GGGL 10.95 Increased By ▲ 0.05 (0.46%)
GGL 16.56 Increased By ▲ 0.04 (0.24%)
GTECH 8.63 Decreased By ▼ -0.06 (-0.69%)
HUMNL 6.90 Decreased By ▼ -0.04 (-0.58%)
KEL 2.87 Increased By ▲ 0.01 (0.35%)
LOTCHEM 25.80 Increased By ▲ 0.55 (2.18%)
MLCF 25.70 Decreased By ▼ -0.09 (-0.35%)
OGDC 77.39 Decreased By ▼ -0.01 (-0.01%)
PAEL 15.51 Decreased By ▼ -0.11 (-0.7%)
PIBTL 6.04 Increased By ▲ 0.06 (1%)
PRL 16.93 Decreased By ▼ -0.26 (-1.51%)
SILK 1.27 Increased By ▲ 0.01 (0.79%)
TELE 10.76 Increased By ▲ 0.01 (0.09%)
TPL 9.15 Increased By ▲ 0.05 (0.55%)
TPLP 19.75 Decreased By ▼ -0.10 (-0.5%)
TREET 28.70 Decreased By ▼ -0.08 (-0.28%)
TRG 77.06 Increased By ▲ 0.05 (0.06%)
UNITY 19.93 Decreased By ▼ -0.01 (-0.05%)
WAVES 12.65 No Change ▼ 0.00 (0%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 4,074 Increased By 2.5 (0.06%)
BR30 14,909 Increased By 19.2 (0.13%)
KSE100 41,158 Decreased By -1.3 (-0%)
KSE30 15,653 Decreased By -7.4 (-0.05%)

SINGAPORE: Gold prices slipped in Asian trade on Tuesday, ceding some of the previous session’s 1%-plus gains, as the dollar ticked higher and markets dug in to hear what Fed Chair Jerome Powell would say later in the day about the bank’s monetary policy stance.

Spot gold traded at $1,779.10 per ounce by 0739 GMT, down 0.2% on the day, having earlier risen as much as $1,789.89. It stands well off the seven-week lows hit last week, when a hawkish tone from the US Federal Reserve boosted the dollar and sent gold prices reeling.

US gold futures were down 0.1% at $1,780.5 per ounce.

“The Fed is not in the business of changing its mind quickly... Powell is going to reinforce the rhetoric that we heard last week,” DailyFX currency strategist Ilya Spivak said, adding that markets would seek clues on what scope there was for policy tightening.

Avtar Sandu, a senior commodities manager at Phillip Futures, said in a note that despite Monday’s bounce, “gold prices were being traded mostly within last Friday’s chart pattern, a pattern that is more reflective of a pause and indecision.”

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3% on Monday.

Comments

Comments are closed.