ANL 10.41 Decreased By ▼ -0.09 (-0.86%)
ASC 9.01 Decreased By ▼ -0.18 (-1.96%)
ASL 11.07 Decreased By ▼ -0.06 (-0.54%)
AVN 76.90 Increased By ▲ 0.55 (0.72%)
BOP 5.44 No Change ▼ 0.00 (0%)
CNERGY 5.25 Decreased By ▼ -0.02 (-0.38%)
FFL 6.60 Increased By ▲ 0.03 (0.46%)
FNEL 5.85 Decreased By ▼ -0.05 (-0.85%)
GGGL 10.96 Decreased By ▼ -0.12 (-1.08%)
GGL 16.48 Increased By ▲ 0.04 (0.24%)
GTECH 8.63 Increased By ▲ 0.11 (1.29%)
HUMNL 6.82 Decreased By ▼ -0.07 (-1.02%)
KEL 2.86 Decreased By ▼ -0.04 (-1.38%)
KOSM 3.19 Decreased By ▼ -0.01 (-0.31%)
MLCF 25.69 Decreased By ▼ -1.22 (-4.53%)
PACE 2.95 Decreased By ▼ -0.05 (-1.67%)
PIBTL 5.95 Increased By ▲ 0.04 (0.68%)
PRL 17.21 Increased By ▲ 0.32 (1.89%)
PTC 6.97 No Change ▼ 0.00 (0%)
SILK 1.23 Increased By ▲ 0.06 (5.13%)
SNGP 36.41 Increased By ▲ 0.11 (0.3%)
TELE 10.73 Increased By ▲ 0.14 (1.32%)
TPL 9.03 Decreased By ▼ -0.10 (-1.1%)
TPLP 19.70 Decreased By ▼ -0.21 (-1.05%)
TREET 28.60 No Change ▼ 0.00 (0%)
TRG 76.25 Decreased By ▼ -0.05 (-0.07%)
UNITY 19.88 Increased By ▲ 0.03 (0.15%)
WAVES 12.80 Increased By ▲ 0.14 (1.11%)
WTL 1.37 Increased By ▲ 0.01 (0.74%)
YOUW 5.00 Decreased By ▼ -0.07 (-1.38%)
BR100 4,057 Decreased By -34.6 (-0.85%)
BR30 14,907 Decreased By -45.7 (-0.31%)
KSE100 41,103 Decreased By -245.6 (-0.59%)
KSE30 15,635 Decreased By -101.8 (-0.65%)

Gold prices fell more than 1% on Tuesday, as firmer US Treasury yields and a stronger dollar dented the safe-haven metal's appeal, with investors awaiting key US non-farm payrolls data due later this week.

Spot gold fell 0.9% to $1,753.40 per ounce by 1429 GMT, and was set for its first dip in four sessions. US gold futures shed 0.9% to $1,751.00.

Upward moves in the dollar and bond yields, after the light pullback seen over the course of the last several days and a slight rebound in the equity market, are driving gold down, said David Meger, director of metals trading at High Ridge Futures.

The US dollar hit a one-year high against major rivals, making gold more expensive for other currency holders.

The benchmark 10-year yield, which last week rose to its highest level since June at 1.5670%, was last up at 1.5240%.

US non-farm payrolls data due on Friday is expected to show continued improvement in the labor market, which could prompt the US Federal Reserve to begin tapering its monetary stimulus before year-end.

Gold dips on dollar advance as traders wait for US jobs data

Reduced stimulus and higher interest rates lift bond yields, weighing on gold as it raises the opportunity cost of holding non-interest-bearing bullion.

"While gold could still move higher, a significant move would require a break above technical resistance, especially the 21-day moving average," said Saxo Bank analyst Ole Hansen.

Meanwhile, Wall Street's main indexes rebounded as growth stocks bounced from a sharp selloff.

Elsewhere, spot silver fell 0.8% to $22.49 per ounce, platinum dropped 1.01%, to $956.90, while palladium firmed 0.6% to $1,916.71.

Comments

Comments are closed.