ANL 10.38 Decreased By ▼ -0.12 (-1.14%)
ASC 9.04 Decreased By ▼ -0.15 (-1.63%)
ASL 11.10 Decreased By ▼ -0.03 (-0.27%)
AVN 77.10 Increased By ▲ 0.75 (0.98%)
BOP 5.44 No Change ▼ 0.00 (0%)
CNERGY 5.27 No Change ▼ 0.00 (0%)
FFL 6.63 Increased By ▲ 0.06 (0.91%)
FNEL 5.87 Decreased By ▼ -0.03 (-0.51%)
GGGL 11.01 Decreased By ▼ -0.07 (-0.63%)
GGL 16.44 No Change ▼ 0.00 (0%)
GTECH 8.62 Increased By ▲ 0.10 (1.17%)
HUMNL 6.84 Decreased By ▼ -0.05 (-0.73%)
KEL 2.85 Decreased By ▼ -0.05 (-1.72%)
KOSM 3.16 Decreased By ▼ -0.04 (-1.25%)
MLCF 25.99 Decreased By ▼ -0.92 (-3.42%)
PACE 2.94 Decreased By ▼ -0.06 (-2%)
PIBTL 5.95 Increased By ▲ 0.04 (0.68%)
PRL 17.12 Increased By ▲ 0.23 (1.36%)
PTC 7.00 Increased By ▲ 0.03 (0.43%)
SILK 1.23 Increased By ▲ 0.06 (5.13%)
SNGP 36.44 Increased By ▲ 0.14 (0.39%)
TELE 10.66 Increased By ▲ 0.07 (0.66%)
TPL 9.03 Decreased By ▼ -0.10 (-1.1%)
TPLP 19.66 Decreased By ▼ -0.25 (-1.26%)
TREET 28.60 No Change ▼ 0.00 (0%)
TRG 76.40 Increased By ▲ 0.10 (0.13%)
UNITY 19.85 No Change ▼ 0.00 (0%)
WAVES 12.75 Increased By ▲ 0.09 (0.71%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
YOUW 5.00 Decreased By ▼ -0.07 (-1.38%)
BR100 4,060 Decreased By -31 (-0.76%)
BR30 14,939 Decreased By -13.2 (-0.09%)
KSE100 41,133 Decreased By -215.2 (-0.52%)
KSE30 15,649 Decreased By -88.1 (-0.56%)

NEW YORK: Gold prices edged lower in choppy trading on Thursday, pressured by rising U.S. bond yields that countered support from concerns over rising inflation and China's troubled property sector. Spot gold fell 0.1% to $1,780.61 per ounce by 1:38 pm EDT (1738 GMT). U.S. gold futures for December delivery settled down 0.2% at $1,781.9 per ounce.

"The Fed is going to taper and yields are going to make an all-time high so there is no reason for people to park their money in a non-yielding safety asset like gold," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

U.S. benchmark 10-year Treasury yields climbed to a five-month peak as a quickly recovering economy renewed questions about when the Federal Reserve will raise interest rates.

While gold is often considered an inflation hedge, reduced stimulus and interest rate hikes push government bond yields up, raising the opportunity cost of holding non-yielding bullion.

Streible said Evergrande's shares ending the session 12.5% lower is a positive for gold.

Equities across Asia and Europe fell after Evergrande said late on Wednesday that it had scrapped a deal to sell a 50.1% stake in its property services arm, and inflation worries also took a toll on markets.

UBS analysts said in a note that rising inflation expectations and softening growth expectations could support gold prices in the next month or two.

Two U.S. Federal Reserve officials said on Wednesday that while the central bank should begin winding down its stimulus measures, it was too soon for interest rate hikes.

Among other precious metals, silver fell 0.8% to $24.08 per ounce. Platinum slipped 0.5% to $1,044.83 per ounce. Palladium fell 2.6% to $2,018.45 per ounce.

Comments

Comments are closed.