ANL 15.49 Decreased By ▼ -0.71 (-4.38%)
ASC 14.00 Decreased By ▼ -0.63 (-4.31%)
ASL 20.00 Decreased By ▼ -0.04 (-0.2%)
BOP 8.70 Increased By ▲ 0.15 (1.75%)
BYCO 7.30 Decreased By ▼ -0.23 (-3.05%)
FCCL 16.98 Decreased By ▼ -0.52 (-2.97%)
FFBL 22.80 Decreased By ▼ -0.35 (-1.51%)
FFL 14.90 Decreased By ▼ -0.35 (-2.3%)
FNEL 7.06 Decreased By ▼ -0.29 (-3.95%)
GGGL 16.30 Decreased By ▼ -0.85 (-4.96%)
GGL 28.40 Decreased By ▼ -1.55 (-5.18%)
HUMNL 6.14 Increased By ▲ 0.18 (3.02%)
JSCL 20.40 Decreased By ▼ -0.28 (-1.35%)
KAPCO 28.50 Decreased By ▼ -0.49 (-1.69%)
KEL 3.41 Decreased By ▼ -0.07 (-2.01%)
MDTL 2.15 Increased By ▲ 0.04 (1.9%)
MLCF 32.48 Decreased By ▼ -1.12 (-3.33%)
NETSOL 101.45 Decreased By ▼ -4.55 (-4.29%)
PACE 4.20 Decreased By ▼ -0.13 (-3%)
PAEL 26.51 Decreased By ▼ -1.44 (-5.15%)
PIBTL 8.40 Decreased By ▼ -0.30 (-3.45%)
POWER 6.71 Decreased By ▼ -0.19 (-2.75%)
PRL 16.38 Decreased By ▼ -0.80 (-4.66%)
PTC 9.11 Decreased By ▼ -0.19 (-2.04%)
SILK 1.42 Decreased By ▼ -0.02 (-1.39%)
SNGP 42.50 Increased By ▲ 0.17 (0.4%)
TELE 16.45 No Change ▼ 0.00 (0%)
TRG 128.35 Decreased By ▼ -7.43 (-5.47%)
UNITY 28.69 Decreased By ▼ -1.21 (-4.05%)
WTL 2.28 Decreased By ▼ -0.12 (-5%)
BR100 4,607 Decreased By ▼ -60.66 (-1.3%)
BR30 20,274 Decreased By ▼ -617.96 (-2.96%)
KSE100 44,629 Decreased By ▼ -192.08 (-0.43%)
KSE30 17,456 Decreased By ▼ -65.93 (-0.38%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,280
1124hr
Pakistan Cases
1,265,047
66324hr
1.66% positivity
Sindh
465,819
Punjab
437,974
Balochistan
33,128
Islamabad
106,469
KPK
176,886

Gold prices eased off a one-month high on Thursday as better-than-expected US consumer price data raised bets the Federal Reserve would tighten its policy earlier than anticipated.

Spot gold fell 0.3% to $1,788.22 per ounce by 0352 GMT after hitting its highest since Sept. 16 at $1,795.81 on Wednesday. US gold futures slipped 0.3% to $1,789.40.

"I expect both the US dollar and long-dated rates to resume their climb sooner rather than later and the gold rally will evaporate as quickly as it began," said Jeffrey Halley, a senior market analyst for Asia-Pacific at OANDA.

"The 100- and 200-day moving averages lie between $1,795.00 and $1,800.00 today, and I believe this zone will present a formidable barrier to further gains."

Gold gains on inflation jitters, dollar dip

The dollar index steadied after a 0.5% decline on Wednesday, while benchmark US 10-year Treasury yields were stable after pulling back from a more than four-month high.

US consumer prices increased solidly in September and are likely to rise further amid surging energy prices. This could pressure the Fed to act sooner to normalise policy.

Minutes from the Fed's September meeting showed the central bank could start reducing stimulus by mid-November. While a growing number of policymakers were worried that high inflation could persist longer than thought, they were split over how soon they may need to raise rates in response.

Reduced central bank stimulus and interest rate hikes tend to push government bond yields up, translating into a higher opportunity cost for holding gold that pays no interest. "It's still the case that we'll see gold prices trend lower as the Fed tightens policy," said IG Market analyst Kyle Rodda.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.2% to 982.72 tonnes on Wednesday.

Spot silver slipped 0.5% to $22.95 per ounce, platinum fell 0.6% to $1,014.53 and palladium was flat at $2,106.73.

Comments

1000 characters