AGL 37.00 Decreased By ▼ -1.84 (-4.74%)
AIRLINK 138.77 Increased By ▲ 2.02 (1.48%)
BOP 5.07 Increased By ▲ 0.05 (1%)
CNERGY 4.13 No Change ▼ 0.00 (0%)
DCL 9.25 Increased By ▲ 0.20 (2.21%)
DFML 51.50 Decreased By ▼ -0.48 (-0.92%)
DGKC 83.15 Increased By ▲ 1.50 (1.84%)
FCCL 24.60 Increased By ▲ 1.10 (4.68%)
FFBL 46.10 Increased By ▲ 0.60 (1.32%)
FFL 9.17 Increased By ▲ 0.10 (1.1%)
HUBC 150.26 Increased By ▲ 0.76 (0.51%)
HUMNL 10.99 Increased By ▲ 0.07 (0.64%)
KEL 4.18 Increased By ▲ 0.09 (2.2%)
KOSM 8.72 Decreased By ▼ -0.98 (-10.1%)
MLCF 34.75 Increased By ▲ 1.51 (4.54%)
NBP 58.15 Decreased By ▼ -1.65 (-2.76%)
OGDC 138.50 Increased By ▲ 1.25 (0.91%)
PAEL 27.11 Increased By ▲ 0.25 (0.93%)
PIBTL 6.04 Increased By ▲ 0.03 (0.5%)
PPL 113.25 Increased By ▲ 0.45 (0.4%)
PRL 24.44 Increased By ▲ 0.24 (0.99%)
PTC 12.09 Increased By ▲ 0.28 (2.37%)
SEARL 58.30 Increased By ▲ 0.80 (1.39%)
TELE 7.99 Increased By ▲ 0.34 (4.44%)
TOMCL 41.50 Decreased By ▼ -0.20 (-0.48%)
TPLP 9.35 Increased By ▲ 1.03 (12.38%)
TREET 15.40 Increased By ▲ 0.28 (1.85%)
TRG 51.95 Increased By ▲ 0.17 (0.33%)
UNITY 29.05 Decreased By ▼ -0.13 (-0.45%)
WTL 1.43 Decreased By ▼ -0.07 (-4.67%)
BR100 8,377 Increased By 65.6 (0.79%)
BR30 27,115 Increased By 201.2 (0.75%)
KSE100 79,018 Increased By 365.8 (0.47%)
KSE30 24,913 Increased By 95.7 (0.39%)
Markets

Gold stalls as investors weigh up mixed Fed outlook

  • Spot gold was little changed at $1,778.01 per ounce by 12:22 am EDT (1622 GMT), giving up some gains from earlier in the session as the dollar recouped initial declines.
Published June 24, 2021

Gold remained hemmed in a narrow range in choppy trading on Thursday, tracking moves in the dollar as mixed cues from U.S. Federal Reserve officials on the approach the central bank could take to withdraw stimulus kept investors wary.

Spot gold was little changed at $1,778.01 per ounce by 12:22 am EDT (1622 GMT), giving up some gains from earlier in the session as the dollar recouped initial declines.

U.S. gold futures shed 0.3pc to $1,778.50.

A day after Fed Chair Jerome Powell said interest rates would not be raised too quickly and that inflation wouldn't be the only determinant of policy, two Fed officials said on Wednesday inflation may persist longer than anticipated, with one official predicting a rate hike in late 2022.

"We have a more balanced narrative (on Fed's monetary policy) than we did in the past, suggesting that gold is going to trade in a broader range in the near term," TD Securities commodity strategist Daniel Ghali said.

Ghali noted the gold market was trying to find a balance between an overly hawkish pricing of Fed interest rate hikes if inflation proves to be transitory, supportive to gold, and a Fed that would act if inflation persists.

Bullion investors also largely ignored data that showed a dip in initial claims for U.S state unemployment benefits and a 6.4pc annualized increase in gross domestic product last quarter.

Silver gained rose 0.6pc to $26.01 per ounce, while platinum rose 0.8pc to $1,093.12. Palladium was up 1pc to $2,638.49 per ounce.

Higher automobile output once an ongoing chip shortage ends and solid economic growth could drive prices of autocatalyst platinum higher over the next 12 months, UBS analyst Giovanni Staunovo said in a note, forecasting end-December prices at $1,250.

Comments

Comments are closed.