ANL 10.96 Decreased By ▼ -0.16 (-1.44%)
ASC 10.05 Increased By ▲ 0.07 (0.7%)
ASL 12.05 Increased By ▲ 0.20 (1.69%)
AVN 71.10 Decreased By ▼ -0.14 (-0.2%)
BOP 6.00 Increased By ▲ 0.05 (0.84%)
CNERGY 5.27 No Change ▼ 0.00 (0%)
FFL 7.15 Increased By ▲ 0.45 (6.72%)
FNEL 6.15 Increased By ▲ 0.05 (0.82%)
GGGL 11.75 Decreased By ▼ -0.11 (-0.93%)
GGL 15.85 Decreased By ▼ -0.07 (-0.44%)
GTECH 9.30 Decreased By ▼ -0.05 (-0.53%)
HUMNL 6.61 Increased By ▲ 0.05 (0.76%)
KEL 2.55 Decreased By ▼ -0.03 (-1.16%)
KOSM 3.06 No Change ▼ 0.00 (0%)
MLCF 28.60 Decreased By ▼ -0.10 (-0.35%)
PACE 2.98 Decreased By ▼ -0.01 (-0.33%)
PIBTL 6.04 Decreased By ▼ -0.05 (-0.82%)
PRL 15.66 Increased By ▲ 0.61 (4.05%)
PTC 7.30 Increased By ▲ 0.13 (1.81%)
SILK 1.31 Increased By ▲ 0.07 (5.65%)
SNGP 26.50 Increased By ▲ 0.35 (1.34%)
TELE 10.82 Decreased By ▼ -0.13 (-1.19%)
TPL 9.03 Decreased By ▼ -0.02 (-0.22%)
TPLP 15.85 Decreased By ▼ -0.07 (-0.44%)
TREET 29.90 No Change ▼ 0.00 (0%)
TRG 75.70 Decreased By ▼ -1.30 (-1.69%)
UNITY 22.42 Decreased By ▼ -0.03 (-0.13%)
WAVES 13.50 Increased By ▲ 0.55 (4.25%)
WTL 1.62 Increased By ▲ 0.07 (4.52%)
YOUW 5.02 Decreased By ▼ -0.02 (-0.4%)
BR100 4,281 Increased By 8.1 (0.19%)
BR30 14,910 Increased By 12.9 (0.09%)
KSE100 43,101 Increased By 117.3 (0.27%)
KSE30 16,367 Increased By 17 (0.1%)

NEW YORK: Gold prices reversed course to approach a one-week peak on Monday, as renewed risks to global economic growth from rising cases of the Omicron coronavirus variant overshadowed pressure from a firmer US dollar.

Spot gold was up 0.1% at $1,809.67 an ounce by 12:34 EDT (1734 GMT), maintaining above the key $1,800 level reached last week. US gold futures gained 0.1% to $1,810.60 per ounce.

The outlook for gold in the first quarter of 2022 is upbeat, with the main driver being inflation, which is keeping a floor under prices, said Jim Wyckoff, a senior analyst at Kitco Metals.

“The underlying support comes from inflation concerns,” Wyckoff said, adding “the leanings of the Fed for a little bit tighter monetary policy seems to have assuaged the gold traders a little bit”.

Non-yielding bullion is often considered a hedge against higher inflation.

The dollar index rose from its weakest level in nearly a week, making greenback-priced gold less attractive for holders of non-US currencies.

“While there is a firmer US dollar, there isn’t a lot of movement in gold today,” said Quantitative Commodity Research analyst Peter Fertig, adding that one of the main reasons for the lack of liquidity is closed markets over Christmas.

Slightly higher yields increase the opportunity cost for holding gold, which is weighing a little on gold prices, Fertig added.

Although quiet overall this week, “the low liquidity makes headline sensitivity more pronounced, as the thin markets are likely to make for more jittery price action if something were to happen”, said DailyFX currency strategist Ilya Spivak.

Silver rose 0.1% to $22.97 per ounce, while platinum fell 0.2% to $972.50.

Palladium rose 0.4% to $1,955.34 per ounce, it hit its highest since Nov. 22 earlier in the day.

Comments

Comments are closed.