ANL 14.51 Increased By ▲ 0.13 (0.9%)
ASC 13.30 Increased By ▲ 0.10 (0.76%)
ASL 14.00 No Change ▼ 0.00 (0%)
BOP 8.37 Increased By ▲ 0.02 (0.24%)
BYCO 6.50 Increased By ▲ 0.05 (0.78%)
FCCL 17.80 Increased By ▲ 0.12 (0.68%)
FFBL 26.00 Decreased By ▼ -0.01 (-0.04%)
FFL 11.15 Decreased By ▼ -0.08 (-0.71%)
FNEL 10.72 Increased By ▲ 0.03 (0.28%)
GGGL 14.90 Decreased By ▼ -0.35 (-2.3%)
GGL 31.40 Increased By ▲ 0.55 (1.78%)
HUMNL 6.22 Decreased By ▼ -0.21 (-3.27%)
JSCL 17.00 Decreased By ▼ -0.10 (-0.58%)
KAPCO 31.48 Increased By ▲ 0.68 (2.21%)
KEL 3.20 Decreased By ▼ -0.03 (-0.93%)
MDTL 2.20 Decreased By ▼ -0.05 (-2.22%)
MLCF 33.80 Increased By ▲ 0.55 (1.65%)
NETSOL 97.25 Decreased By ▼ -1.15 (-1.17%)
PACE 4.22 Decreased By ▼ -0.10 (-2.31%)
PAEL 23.00 Decreased By ▼ -0.06 (-0.26%)
PIBTL 7.43 Decreased By ▼ -0.14 (-1.85%)
POWER 6.65 Increased By ▲ 0.10 (1.53%)
PRL 13.50 Decreased By ▼ -0.30 (-2.17%)
PTC 8.90 Increased By ▲ 0.03 (0.34%)
SILK 1.30 Decreased By ▼ -0.06 (-4.41%)
SNGP 39.66 Decreased By ▼ -0.14 (-0.35%)
TELE 16.40 Decreased By ▼ -0.45 (-2.67%)
TRG 87.40 Decreased By ▼ -1.50 (-1.69%)
UNITY 25.22 Decreased By ▼ -0.24 (-0.94%)
WTL 2.10 Decreased By ▼ -0.03 (-1.41%)
BR100 4,519 Increased By ▲ 21.96 (0.49%)
BR30 18,277 Decreased By ▼ -62.37 (-0.34%)
KSE100 44,114 Increased By ▲ 178.41 (0.41%)
KSE30 17,034 Increased By ▲ 94.74 (0.56%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,704
724hr
Pakistan Cases
1,283,886
41124hr
0.92% positivity
Sindh
475,097
Punjab
442,876
Balochistan
33,471
Islamabad
107,601
KPK
179,888
Markets

Dollar uptick stalls gold's Fed-inspired rally

  • Silver heads for first weekly gain in four
  • Platinum down more than 1%
  • Gold up 1.3% so far this week
30 Jul 2021

Gold prices edged off a two-week high on Friday, with a firmer dollar stalling the precious metal's rally after US Federal Reserve Chair Jerome Powell reassured investors the central bank would remain accommodative for the time being.

Spot gold fell 0.2% to $1,824.43 per ounce by 10:05 am EDT. US gold futures eased 0.4% to $1,829.30.

But gold was still en route to a weekly gain, having hit a two-week peak on Thursday after Powell said the US job market still had some ground to cover before the Fed would pull back support.

"Gold looks strong at these levels and the fact that we're so far above $1,800 and the Fed didn't really say anything that is going to change course on asset purchases or any type of rate hike adds strength to the market," said Bob Haberkorn, senior market strategist at RJO Futures.

Gold price increases by Rs950 to Rs110,500 per tola

Haberkorn, however, said data showing a rise in core inflation at a slightly slower-than-expected pace last month, coupled with a stronger dollar, was currently weighing on the precious metal.

Gold is traditionally seen as a hedge against inflation.

The dollar index, which had slipped to a one-month low earlier, was up 0.1%, reducing gold's appeal for other currency holders.

"The bar remains razor thin for a pullback in gold, as the precious metal's relatively weak price action, despite real yields hitting new all-time lows, continues to signal there is a lack of impetus from speculators to buy the yellow metal," TD Securities wrote in a note.

Gold competes with government bond yields as a safe-haven asset during uncertain times and lower yields decrease the opportunity cost of holding gold, which pays no interest.

Gold set for modest rally before easing in 2022

Elsewhere, silver was steady at $25.52 per ounce and was on track for its first weekly gain in four.

Palladium fell 0.3% to $2,637.15, while platinum slipped 1.1% to $1,048.50.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.