AGL 5.95 Decreased By ▼ -0.13 (-2.14%)
ANL 9.26 Decreased By ▼ -0.14 (-1.49%)
AVN 80.82 Decreased By ▼ -0.64 (-0.79%)
BOP 5.20 Decreased By ▼ -0.07 (-1.33%)
CNERGY 4.86 Decreased By ▼ -0.04 (-0.82%)
EFERT 81.82 Increased By ▲ 0.27 (0.33%)
EPCL 53.94 Decreased By ▼ -0.06 (-0.11%)
FCCL 14.29 Decreased By ▼ -0.11 (-0.76%)
FFL 5.93 Decreased By ▼ -0.12 (-1.98%)
FLYNG 7.44 Decreased By ▼ -0.12 (-1.59%)
FNEL 4.95 Decreased By ▼ -0.05 (-1%)
GGGL 9.18 Decreased By ▼ -0.14 (-1.5%)
GGL 16.51 Decreased By ▼ -0.19 (-1.14%)
HUMNL 6.14 Increased By ▲ 0.45 (7.91%)
KEL 2.77 Decreased By ▼ -0.02 (-0.72%)
LOTCHEM 30.81 Increased By ▲ 0.26 (0.85%)
MLCF 27.45 Decreased By ▼ -0.34 (-1.22%)
OGDC 74.27 Increased By ▲ 0.27 (0.36%)
PAEL 15.98 Decreased By ▼ -0.21 (-1.3%)
PIBTL 5.21 Decreased By ▼ -0.02 (-0.38%)
PRL 17.01 Decreased By ▼ -0.28 (-1.62%)
SILK 1.10 Increased By ▲ 0.01 (0.92%)
TELE 10.00 Decreased By ▼ -0.04 (-0.4%)
TPL 7.65 Decreased By ▼ -0.05 (-0.65%)
TPLP 19.41 Decreased By ▼ -0.36 (-1.82%)
TREET 22.72 Decreased By ▼ -0.47 (-2.03%)
TRG 146.80 Decreased By ▼ -0.55 (-0.37%)
UNITY 17.09 Decreased By ▼ -0.10 (-0.58%)
WAVES 10.33 Decreased By ▼ -0.05 (-0.48%)
WTL 1.42 Decreased By ▼ -0.04 (-2.74%)
BR100 4,330 Increased By 3.4 (0.08%)
BR30 16,296 Increased By 46.9 (0.29%)
KSE100 42,904 Increased By 23.3 (0.05%)
KSE30 15,805 Decreased By -4.6 (-0.03%)
Follow us

Gold prices fell as much as 1.2pc on Tuesday, as firmer U.S. Treasury yields and a stronger dollar dented the safe-haven metal's appeal, with investors awaiting key U.S. non-farm payrolls data due later this week.

Spot gold was down 0.6pc to $1,758.63 per ounce by 12:33 p.m. EDT (1633 GMT), and was set for its first dip in four sessions. U.S. gold futures shed 0.5pc to $1,758.90.

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

The U.S. dollar stayed near 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 1.5670pc, was last up at 1.5275pc.

Gold eases, but holds above $1,750 as US jobs data looms

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

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.

"The U.S. dollar index is also firmer today and that's a negative for the metals markets. Still, the global equities markets remain wobbly and that should limit the downside in the safe-haven metals," said Jim Wyckoff, senior analyst with Kitco Metals, in a note.

Elsewhere, spot silver fell 0.5pc to $22.55 per ounce, platinum dropped 0.8pc to $958.99, while palladium firmed 0.6pc to $1,916.52.

Comments

Comments are closed.

Gold drops as rising U.S. yields, firm dollar dent appeal

FIA again arrests Senator Azam Swati over controversial tweets

Turkish companies urged to make investments

Govt plans to deregulate POL products’ market by 2027

Rice import: PM thanks Azeri President for 5-year tax holiday

PM welcomes prospects of ECO’s outreach to CARs

Suspected consignments, delinquent staff: FBR endorses DGI&I Sost’s enforcement action

Tax reforms recommendations to FBR: Supertax has successful large businesses: PBC

Energy conservation: stern measures on the cards

Payments to Google: SBP rejects allegations

Amin urges Dar to ‘direct’ SBP to make payments