ANL 13.20 Increased By ▲ 0.06 (0.46%)
ASC 12.35 Increased By ▲ 0.05 (0.41%)
ASL 13.50 Increased By ▲ 0.06 (0.45%)
BOP 8.55 Increased By ▲ 0.14 (1.66%)
BYCO 6.03 Increased By ▲ 0.03 (0.5%)
FCCL 17.40 Decreased By ▼ -0.45 (-2.52%)
FFBL 24.15 Increased By ▲ 0.04 (0.17%)
FFL 10.15 No Change ▼ 0.00 (0%)
FNEL 9.59 Increased By ▲ 0.07 (0.74%)
GGGL 14.15 Increased By ▲ 0.05 (0.35%)
GGL 26.39 Increased By ▲ 0.23 (0.88%)
HUMNL 5.86 Increased By ▲ 0.12 (2.09%)
JSCL 15.38 Increased By ▲ 0.38 (2.53%)
KAPCO 31.51 Increased By ▲ 0.26 (0.83%)
KEL 3.33 Decreased By ▼ -0.04 (-1.19%)
MDTL 2.12 Increased By ▲ 0.02 (0.95%)
MLCF 32.20 Decreased By ▼ -1.40 (-4.17%)
NETSOL 95.35 Increased By ▲ 4.40 (4.84%)
PACE 4.20 Increased By ▲ 0.05 (1.2%)
PAEL 21.39 Increased By ▲ 0.69 (3.33%)
PIBTL 7.50 Increased By ▲ 0.10 (1.35%)
POWER 6.29 Decreased By ▼ -0.15 (-2.33%)
PRL 12.37 Increased By ▲ 0.21 (1.73%)
PTC 8.76 Increased By ▲ 0.08 (0.92%)
SILK 1.18 Decreased By ▼ -0.01 (-0.84%)
SNGP 38.27 Increased By ▲ 0.47 (1.24%)
TELE 14.73 Increased By ▲ 0.38 (2.65%)
TRG 93.71 Increased By ▲ 6.53 (7.49%)
UNITY 23.10 Increased By ▲ 1.14 (5.19%)
WTL 2.08 Increased By ▲ 0.05 (2.46%)
BR100 4,477 Increased By ▲ 3.9 (0.09%)
BR30 17,862 Increased By ▲ 268 (1.52%)
KSE100 43,801 Decreased By ▼ -52.9 (-0.12%)
KSE30 16,992 Decreased By ▼ -13.9 (-0.08%)

Coronavirus
LOW
Source: covid.gov.pk
Pakistan Deaths
28,793
924hr
Pakistan Cases
1,287,703
31024hr
Sindh
477,119
Punjab
443,610
Balochistan
33,514
Islamabad
107,989
KPK
180,471

NEW YORK: Gold touched a one-month high on Thursday, as a dip in the dollar and US bond yields allowed investors to turn to bullion as an inflation hedge. Spot gold gained 0.2% at $1,796.59 per ounce by 13:46 p.m. EDT (1746 GMT), after hitting its highest since Sept. 15 at $1,800.12. US gold futures settled up 0.2% at $1,797.9.

Gold also seemed to largely overlook better US weekly labour data. "Traders and investors are finally realizing that rising inflation is, historically, bullish for metals, no matter what the Federal Reserve does," said Jim Wyckoff, senior analyst at Kitco Metals.

Further volatility in equities this month may also spark some safe-haven demand for gold, Wyckoff added. Wider market sentiment has remained fragile, as a global energy crunch stoked fears that the resultant jump in prices may slow growth.

Chinese producer prices posted a record annual increase last month and US consumer prices also increased, fanning fears that central banks might unwind stimulus sooner than anticipated. While gold is considered an inflation hedge, reduced stimulus and interest rate hikes push government bond yields up, raising the opportunity cost of holding non-yielding bullion.

But "now that we've got a little bit of visibility on what the Fed intends to do in terms of tapering, and it's a relatively small amount; that's been positive for gold," independent analyst Ross Norman said, adding gold faced technical resistance around $1,800 and $1,835. Latest Fed minutes showed it could start tapering by mid-November.

TD Securities said in a note that while the "intense focus on pricing the Fed's exit has ignored rising stagflationary risks," that's yet to translate into additional gold demand.

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

Comments

Comments are closed.