ANL 13.30 Increased By ▲ 0.76 (6.06%)
ASC 12.25 Decreased By ▼ -0.45 (-3.54%)
ASL 13.52 Increased By ▲ 0.06 (0.45%)
BOP 8.31 Decreased By ▼ -0.07 (-0.84%)
BYCO 5.84 Decreased By ▼ -0.12 (-2.01%)
FCCL 17.21 Increased By ▲ 0.13 (0.76%)
FFBL 23.61 Decreased By ▼ -0.44 (-1.83%)
FFL 10.12 Increased By ▲ 0.15 (1.5%)
FNEL 9.43 Increased By ▲ 0.18 (1.95%)
GGGL 13.95 Decreased By ▼ -0.05 (-0.36%)
GGL 27.15 Increased By ▲ 0.10 (0.37%)
HUMNL 5.69 Decreased By ▼ -0.04 (-0.7%)
JSCL 14.61 Decreased By ▼ -0.39 (-2.6%)
KAPCO 30.80 Decreased By ▼ -0.80 (-2.53%)
KEL 3.16 Decreased By ▼ -0.06 (-1.86%)
MDTL 2.09 Decreased By ▼ -0.12 (-5.43%)
MLCF 32.20 Decreased By ▼ -0.55 (-1.68%)
NETSOL 90.00 Decreased By ▼ -0.21 (-0.23%)
PACE 4.05 Decreased By ▼ -0.05 (-1.22%)
PAEL 20.50 Decreased By ▼ -0.01 (-0.05%)
PIBTL 7.34 Increased By ▲ 0.09 (1.24%)
POWER 6.35 Decreased By ▼ -0.04 (-0.63%)
PRL 11.88 Decreased By ▼ -0.07 (-0.59%)
PTC 8.70 Decreased By ▼ -0.10 (-1.14%)
SILK 1.19 Increased By ▲ 0.02 (1.71%)
SNGP 37.30 Decreased By ▼ -0.40 (-1.06%)
TELE 14.72 Decreased By ▼ -0.13 (-0.88%)
TRG 79.60 Increased By ▲ 1.92 (2.47%)
UNITY 21.90 Decreased By ▼ -1.00 (-4.37%)
WTL 2.03 No Change ▼ 0.00 (0%)
BR100 4,403 Increased By ▲ 22.15 (0.51%)
BR30 16,998 Increased By ▲ 134.77 (0.8%)
KSE100 43,236 Increased By ▲ 3.05 (0.01%)
KSE30 16,739 Increased By ▲ 20.95 (0.13%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,777
1024hr
Pakistan Cases
1,287,161
33624hr
0.78% positivity
Sindh
476,830
Punjab
443,519
Balochistan
33,507
Islamabad
107,930
KPK
180,383

NEW YORK: Gold prices rose more than 2% on Thursday after the dollar fell on dismal US weekly jobs numbers, but recent declines driven by expectations the Federal Reserve will soon start tapering its economic support kept bullion on track for a quarterly drop.

Spot gold rose 2.2% to $1,763.43 per ounce by 11:17 am ET (1517 GMT). US gold futures climbed 2.1% to $1,759.30.

The number of Americans filing new claims for unemployment benefits increased last week, data showed on Thursday, which could raise concerns that the labour market is softening.

“This is also leading to uncertainty about Fed tapering because they want a strong job market to announce a tapering,” independent consultant Robin Bhar said, adding that any delay could be positive for gold.

Gold is also “running into some renewed physical buying, with some investors looking to hedge against the economic uncertainty, rising inflation”, Bhar said.

Also providing some respite to gold, the benchmark 10-year yield eased slightly, though it held above 1.5%.

But heightened prospects for Fed tapering, widely expected to start in November, and chances of Treasury yields continuing to gain, are expected to heap more pressure on zero-yielding gold, said Han Tan, chief market analyst at Exinity. Reduced central bank stimulus and interest rate increases tend to push government bond yields higher, raising the opportunity cost of holding non-yielding gold.

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

Comments

Comments are closed.