ANL 13.19 Increased By ▲ 0.65 (5.18%)
ASC 12.17 Decreased By ▼ -0.53 (-4.17%)
ASL 13.50 Increased By ▲ 0.04 (0.3%)
BOP 8.31 Decreased By ▼ -0.07 (-0.84%)
BYCO 5.75 Decreased By ▼ -0.21 (-3.52%)
FCCL 17.06 Decreased By ▼ -0.02 (-0.12%)
FFBL 23.61 Decreased By ▼ -0.44 (-1.83%)
FFL 10.05 Increased By ▲ 0.08 (0.8%)
FNEL 9.31 Increased By ▲ 0.06 (0.65%)
GGGL 13.80 Decreased By ▼ -0.20 (-1.43%)
GGL 26.75 Decreased By ▼ -0.30 (-1.11%)
HUMNL 5.66 Decreased By ▼ -0.07 (-1.22%)
JSCL 14.55 Decreased By ▼ -0.45 (-3%)
KAPCO 30.70 Decreased By ▼ -0.90 (-2.85%)
KEL 3.16 Decreased By ▼ -0.06 (-1.86%)
MDTL 2.09 Decreased By ▼ -0.12 (-5.43%)
MLCF 31.90 Decreased By ▼ -0.85 (-2.6%)
NETSOL 89.00 Decreased By ▼ -1.21 (-1.34%)
PACE 4.09 Decreased By ▼ -0.01 (-0.24%)
PAEL 20.42 Decreased By ▼ -0.09 (-0.44%)
PIBTL 7.27 Increased By ▲ 0.02 (0.28%)
POWER 6.31 Decreased By ▼ -0.08 (-1.25%)
PRL 11.80 Decreased By ▼ -0.15 (-1.26%)
PTC 8.69 Decreased By ▼ -0.11 (-1.25%)
SILK 1.19 Increased By ▲ 0.02 (1.71%)
SNGP 37.10 Decreased By ▼ -0.60 (-1.59%)
TELE 14.47 Decreased By ▼ -0.38 (-2.56%)
TRG 79.19 Increased By ▲ 1.51 (1.94%)
UNITY 21.85 Decreased By ▼ -1.05 (-4.59%)
WTL 2.00 Decreased By ▼ -0.03 (-1.48%)
BR100 4,398 Increased By ▲ 17.1 (0.39%)
BR30 16,992 Increased By ▲ 128.7 (0.76%)
KSE100 43,281 Increased By ▲ 47.9 (0.11%)
KSE30 16,777 Increased By ▲ 59.2 (0.35%)

Coronavirus
LOW
Source: covid.gov.pk
Pakistan Deaths
28,777
1024hr
Pakistan Cases
1,287,161
33624hr
Sindh
476,830
Punjab
443,519
Balochistan
33,507
Islamabad
107,930
KPK
180,383

NEW YORK: Gold prices slipped on Wednesday as robust U.S. economic data lifted the dollar and Treasury yields, while investors awaited the minutes of the Federal Reserve’s November meeting for clues on the pace of stimulus tapering.

Spot gold fell 0.2% to $1,785.88 per ounce by 12:31 p.m. ET (1731 GMT), while U.S. gold futures rose 0.2% at $1,787.00.

Gold slid below the key $1,800 mark earlier this week as the re-nomination of Fed Chair Jerome Powell bolstered bets of faster monetary policy tightening, boosting the dollar and in turn making bullion more expensive for overseas buyers.

The gold market is being pressured by concerns the Fed may begin to ramp up its tapering or bring rate hikes at a more rapid pace than previously anticipated, said David Meger, director of metals trading at High Ridge Futures.

Higher interest rates increase the opportunity cost of holding non-yielding bullion.

Minutes of the Fed’s Nov. 2-3 meeting are due later in the day.

Gold investors also seem to be discounting for the possibility of moderating inflation, given the recent retreat in energy prices, ED&F Man Capital Markets analyst Edward Meir said.

Piling pressure were U.S. initial jobless claims falling to their lowest since 1969 and a separate report showing economic growth increased at a 2.1% annualized rate.

San Francisco Fed President Mary Daly said she would be open to accelerating the pace of asset purchase tapering if inflation remained elevated and jobs growth stayed strong.

With inflows into gold-backed ETFs also subdued, short acquisitions by “trend followers” remain the primary contributor to flows, suggesting further downside to prices, TD Securities said in a note.

Analysts said thinner volumes heading into the Thanksgiving holiday could contribute to bigger price swings.

Spot platinum rose 0.3% to $971.92 per ounce, while palladium dipped 0.9% to $1,850.46.

Silver fell 0.9% to $23.42.

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

Comments

Comments are closed.