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 ticked up on Monday, as the dollar eased, ahead of a US Federal Reserve meeting where the focus is on the central bank's plan for tapering its pandemic stimulus measures.

Spot gold was up 0.3% to $1,787.70 per ounce at 1303 GMT after touching a more than one-week low in the previous session. US gold futures for December delivery gained 0.4% to $1,790.00 per ounce.

"Gold had a sharp fall on Friday and it went into oversold territory, so what you've got is a little bit of bargain hunting," StoneX analyst Rhona O'Connell said, adding a dip in the US dollar was adding support to bullion.

However, prices of the precious metal have been wavering between slight losses and gains through the day.

"We need some fresh air coming into markets and this week's Fed meeting could be such an event ... until then the market will be drifting," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

Gold firms as safe-haven demand counters pressure from US yields

"We already are seeing the markets pricing in a rate hike around May or June next year, which is almost a year earlier than what the market was expecting a few months ago, and that has been the latest challenge for gold."

Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of holding non-interest bearing gold.

The Fed, which concludes a two-day meeting on Wednesday, is expected to say it will start to taper bond purchases, though the focus is on clues about rates lift-off.

The dollar index slipped 0.1% against its rivals, making gold more appealing to holders of other currencies.

Elsewhere, silver rose 0.3% to $23.91 per ounce.

Platinum jumped 2.8% to $1,046.96 per ounce and palladium also rose 2.8% to $2,059.19 per ounce.

Comments

Comments are closed.

Gold edges higher as dollar eases, investors await Fed meet

Policy rate hiked to 16pc to quell biting inflation

Alternative energy: PM urges Pak-Turkish collaboration

Jul-Oct period: Rs241.26bn authorised/disbursed under PSDP

Overnight reverse repo (ceiling) rate to be 17pc

FDFF creation: Cabinet approves Rs100m technical supplementary grant

Energy sector: ADB sending mission for proposed policy-based loan

Turkish cos to take up profit repatriation, taxation issues with PM

PM, Erdogan hold one-to-one meeting

Pakistan delays 500,000 tonnes of wheat tender to 30th

SPI inflation up 0.48pc WoW