AGL 5.72 Increased By ▲ 0.02 (0.35%)
ANL 8.93 Decreased By ▼ -0.17 (-1.87%)
AVN 79.42 Increased By ▲ 0.26 (0.33%)
BOP 5.18 Decreased By ▼ -0.03 (-0.58%)
CNERGY 4.69 Decreased By ▼ -0.04 (-0.85%)
EFERT 81.32 Increased By ▲ 0.21 (0.26%)
EPCL 50.91 Increased By ▲ 0.16 (0.32%)
FCCL 13.45 Decreased By ▼ -0.07 (-0.52%)
FFL 5.80 Increased By ▲ 0.04 (0.69%)
FLYNG 7.18 Decreased By ▼ -0.11 (-1.51%)
FNEL 4.80 Decreased By ▼ -0.04 (-0.83%)
GGGL 8.72 Decreased By ▼ -0.17 (-1.91%)
GGL 15.73 Decreased By ▼ -0.07 (-0.44%)
HUMNL 5.84 Increased By ▲ 0.01 (0.17%)
KEL 2.58 Decreased By ▼ -0.01 (-0.39%)
LOTCHEM 29.31 Decreased By ▼ -0.49 (-1.64%)
MLCF 25.37 Increased By ▲ 0.22 (0.87%)
OGDC 72.56 Decreased By ▼ -0.14 (-0.19%)
PAEL 15.39 Decreased By ▼ -0.08 (-0.52%)
PIBTL 5.17 Increased By ▲ 0.04 (0.78%)
PRL 16.27 Decreased By ▼ -0.23 (-1.39%)
SILK 1.05 Decreased By ▼ -0.05 (-4.55%)
TELE 9.34 Decreased By ▼ -0.21 (-2.2%)
TPL 7.35 Increased By ▲ 0.02 (0.27%)
TPLP 19.10 Decreased By ▼ -0.16 (-0.83%)
TREET 21.89 Increased By ▲ 0.05 (0.23%)
TRG 142.76 Decreased By ▼ -1.34 (-0.93%)
UNITY 17.20 Decreased By ▼ -0.32 (-1.83%)
WAVES 10.05 Increased By ▲ 0.05 (0.5%)
WTL 1.36 Decreased By ▼ -0.01 (-0.73%)
BR100 4,248 Decreased By -10.3 (-0.24%)
BR30 15,761 Decreased By -79.9 (-0.5%)
KSE100 42,349 Decreased By -25 (-0.06%)
KSE30 15,632 Decreased By -33.3 (-0.21%)
Markets

Gold holds above $1,750 as early Fed taper talk ebbs

  • Spot gold was steady at $1,750.91 per ounce by 1:46 p.m. EDT. U.S. gold futures settled 0.1pc down at $1,751.80.
Published August 12, 2021
Follow us

Gold prices held slightly above the key $1,750 mark on Thursday as expectations of an early taper of the Federal Reserve's asset purchases eased, offsetting a firmer dollar and yields.

Spot gold was steady at $1,750.91 per ounce by 1:46 p.m. EDT. U.S. gold futures settled 0.1pc down at $1,751.80.

Gold rose 1.3pc on Wednesday after data showed U.S. consumer price increases in July were in line with economists' estimates and down from June.

"If prices can continue to trade sideways in the near-term, that would suggest that the recent spike lower is probably a near-term bottom," Jim Wyckoff, senior analyst at Kitco Metals, said.

The dollar took away some of gold's shine, steadying close to more than a four-month peak while benchmark U.S. 10-year Treasury yields rebounded on Thursday.

The U.S. Labor Department also reported that initial jobless claims dropped in the latest week and U.S. producer prices jumped by a record 7.8pc in the 12 months through July.

Gold eases on dollar uptick, but ebbing taper bets cap losses

Investors were also focused on U.S. President Joe Biden's spending plans. The U.S. Senate on Wednesday approved a $3.5 trillion budget plan that followed the chamber's passage on Tuesday of a $1 trillion infrastructure bill.

"Fiscal policies should work in tandem with monetary tapering to support gold because both suggest inflationary pressures ahead," Wyckoff said.

Elsewhere, silver fell 1.6pc to $23.14 per ounce.

"Silver's investment demand is projected to rise in the second half of 2021, along with an expected increase in industrial demand, led by growing solar panel capacity which is likely to exceed 150 Gigawatts globally in 2021," Michael DiRienzo, executive director of Silver Institute, said.

Platinum was up 0.2pc at $1,019.30 and palladium dropped 0.2pc to $2,631.69.

Comments

Comments are closed.

Gold holds above $1,750 as early Fed taper talk ebbs

Govt remains committed to eliminate interest-based banking system in Pakistan: Dar

At least 3 killed, over 20 injured in suicide blast in Quetta

Rupee closes unchanged against US dollar for second day

Blast in Hangu mine leaves 9 dead, 4 injured

YouTube says fixing issues after reported outages

Aramco discovers two new Saudi gas fields

Pakistan’s REER rises to 17-month high at 100.4 in October

Oil up over $2 on tighter supply while OPEC+ talks limit gains

World Bank says remittances up 5% in 2022, but growth to slow to 2% next year

Punjab local government election to be held in April: ECP