AGL 8.30 Increased By ▲ 0.44 (5.6%)
ANL 10.59 Increased By ▲ 0.24 (2.32%)
AVN 78.60 Increased By ▲ 0.70 (0.9%)
BOP 5.45 Increased By ▲ 0.06 (1.11%)
CNERGY 5.59 Increased By ▲ 0.58 (11.58%)
EFERT 80.25 Decreased By ▼ -0.55 (-0.68%)
EPCL 69.60 Increased By ▲ 1.50 (2.2%)
FCCL 15.30 Increased By ▲ 0.74 (5.08%)
FFL 6.53 Increased By ▲ 0.33 (5.32%)
FLYNG 7.18 Increased By ▲ 0.53 (7.97%)
GGGL 10.85 Increased By ▲ 0.27 (2.55%)
GGL 16.79 Increased By ▲ 0.38 (2.32%)
GTECH 8.14 Increased By ▲ 0.02 (0.25%)
HUMNL 7.04 Increased By ▲ 0.02 (0.28%)
KEL 2.99 Increased By ▲ 0.11 (3.82%)
LOTCHEM 30.77 Increased By ▲ 2.24 (7.85%)
MLCF 28.98 Increased By ▲ 2.03 (7.53%)
OGDC 82.75 Increased By ▲ 0.60 (0.73%)
PAEL 16.97 Increased By ▲ 0.32 (1.92%)
PIBTL 6.08 Increased By ▲ 0.24 (4.11%)
PRL 18.10 Increased By ▲ 1.35 (8.06%)
SILK 1.15 Increased By ▲ 0.05 (4.55%)
TELE 11.25 Increased By ▲ 0.28 (2.55%)
TPL 9.20 Decreased By ▼ -0.02 (-0.22%)
TPLP 19.88 Increased By ▲ 0.22 (1.12%)
TREET 26.46 Increased By ▲ 0.55 (2.12%)
TRG 94.60 Increased By ▲ 0.99 (1.06%)
UNITY 19.50 Increased By ▲ 0.50 (2.63%)
WAVES 14.34 Increased By ▲ 0.78 (5.75%)
WTL 1.30 Increased By ▲ 0.06 (4.84%)
BR100 4,187 Increased By 80.1 (1.95%)
BR30 15,474 Increased By 343.5 (2.27%)
KSE100 42,096 Increased By 670.9 (1.62%)
KSE30 15,883 Increased By 222.7 (1.42%)

LONDON: Gold held in a narrow range on Thursday as investors remained torn over how fast the US Federal Reserve will taper its monetary stimulus and raise interest rates after the recent strong inflation data out of the United States.

Spot gold was little changed at $1,864.50 per ounce by 0923 GMT, while US gold futures fell 0.2% to $1,866.90.

The US dollar paused for breath, slipping back from a 16-month peak as traders assessed whether its recent surge was starting to stall. A weaker dollar makes gold more attractive for buyers holding other currencies.

“At the moment, it’s difficult for gold to find direction because of the uncertainty related to the dollar’s performance, and the likely response of the US Fed and other central banks to inflation,” said ActivTrades senior analyst Ricardo Evangelista.

Bullion, considered a hedge against inflation, has gained on the back a surge in consumer prices in the US and Europe. But that has also bolstered bets for early interest rate hikes, which would increase the opportunity cost of holding non-yielding gold.

“Until the Fed actually signals an accelerated taper, gold should hold its current $1,850 and $1,875 range with the potential appointment of Lael Brainard as the new Fed Chair, considered a super dove, likely to push it above $1,875,” Stephen Innes, managing partner at SPI Asset Management.

Spot silver rose 0.2% to $25.09 per ounce.

Global silver demand could exceed a billion ounces for the first time since 2015 this year, the Silver Institute said.

“Silver has repeatedly rebounded from the technically important 200-day moving average... If it manages to exceed this threshold, it could head towards $26 by end of the year,” Commerzbank analyst Daniel Briesemann said in a note.

Platinum rose 0.8% to $1,065.49, while palladium fell 0.7% to $2,173.70.

Comments

Comments are closed.