ANL 12.95 Decreased By ▼ -0.05 (-0.38%)
ASC 14.79 Decreased By ▼ -0.03 (-0.2%)
ASL 15.75 Increased By ▲ 0.47 (3.08%)
AVN 105.20 Decreased By ▼ -2.85 (-2.64%)
BOP 8.45 Increased By ▲ 0.02 (0.24%)
CNERGY 6.18 Decreased By ▼ -0.08 (-1.28%)
FFL 9.15 Increased By ▲ 0.05 (0.55%)
FNEL 8.61 Decreased By ▼ -0.04 (-0.46%)
GGGL 13.07 Decreased By ▼ -0.15 (-1.13%)
GGL 20.15 Decreased By ▼ -0.24 (-1.18%)
GTECH 9.40 Increased By ▲ 0.05 (0.53%)
HUMNL 6.75 Decreased By ▼ -0.02 (-0.3%)
KEL 3.10 Decreased By ▼ -0.04 (-1.27%)
KOSM 4.15 Increased By ▲ 0.04 (0.97%)
MLCF 34.30 Increased By ▲ 0.95 (2.85%)
PACE 4.13 Decreased By ▼ -0.02 (-0.48%)
PIBTL 7.23 Increased By ▲ 0.06 (0.84%)
PRL 14.25 Decreased By ▼ -0.19 (-1.32%)
PTC 8.66 Increased By ▲ 0.08 (0.93%)
SILK 1.28 Decreased By ▼ -0.04 (-3.03%)
SNGP 34.20 Increased By ▲ 0.04 (0.12%)
TELE 17.40 Decreased By ▼ -0.34 (-1.92%)
TPL 12.55 Decreased By ▼ -0.42 (-3.24%)
TPLP 27.70 Decreased By ▼ -0.82 (-2.88%)
TREET 38.70 Decreased By ▼ -0.95 (-2.4%)
TRG 77.50 Decreased By ▼ -5.35 (-6.46%)
UNITY 27.85 Increased By ▲ 0.53 (1.94%)
WAVES 15.69 Increased By ▲ 0.59 (3.91%)
WTL 2.18 Decreased By ▼ -0.03 (-1.36%)
YOUW 7.61 Decreased By ▼ -0.16 (-2.06%)
BR100 4,604 Increased By 4.9 (0.11%)
BR30 17,372 Increased By 37.5 (0.22%)
KSE100 44,930 Increased By 42.3 (0.09%)
KSE30 17,719 Increased By 22.7 (0.13%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,137
1524hr
Pakistan Cases
1,386,348
5,19624hr
Sindh
531,008
Punjab
467,698
Balochistan
34,032
Islamabad
120,813
KPK
186,537

AMSTERDAM/LONDON: Gold rose on Wednesday as concerns over the economic impact of the Delta coronavirus variant spurred some safe haven buying, though gains were capped by bets on early tapering by the US Federal Reserve and a firm dollar.

Spot gold rose 0.5% to $1,737.95 per ounce by 1147 GMT, recovering some ground after four straight sessions of declines. US gold futures gained 0.4% to $1,738.30.

While there are signs of stabilisation in the gold market, tensions surrounding the economic impact of new virus infections are providing some support, Quantitative Commodity Research Analyst Peter Fertig said.

A strong US jobs report last week coupled with comments from Fed officials suggesting an earlier-than expected tapering of economic support has hammered precious metals over the last couple of sessions, keeping gold well below the pivotal $1,800 level.

The dollar index also held near a three-week high, reducing gold’s allure among other currency holders, while US Treasury yields hit their highest levels since mid-July.

“The rebound in yields is also expected to run further as the tapering talk grows louder, which would only strengthen the headwinds besetting gold,” said Han Tan, chief market analyst at Exinity.

Higher yields reduce the opportunity cost of holding non-interest bearing gold.

The focus is on the monthly US personal consumption report at 1230 GMT for further clues on the tapering timeline.

Elsewhere, platinum rose 1.5% to $1,009.77 per ounce, while palladium was up 0.5% at $2,653.65.

Commerzbank analysts said that if official figures reaffirm private sector data showing China’s vehicle sales slid for a third straight month, that could have a negative impact on palladium demand.

Platinum and palladium are used as catalysts in automobiles exhaust systems to curb emissions. Silver rose 0.6% to $23.45 an ounce.

Comments

Comments are closed.