BAFL 52.51 Increased By ▲ 2.48 (4.96%)
BIPL 22.80 Increased By ▲ 0.39 (1.74%)
BOP 5.68 Increased By ▲ 0.26 (4.8%)
CNERGY 5.09 Increased By ▲ 0.04 (0.79%)
DFML 19.35 Increased By ▲ 0.17 (0.89%)
DGKC 80.80 Increased By ▲ 0.65 (0.81%)
FABL 33.10 Increased By ▲ 0.25 (0.76%)
FCCL 20.23 Decreased By ▼ -0.02 (-0.1%)
FFL 10.57 Increased By ▲ 0.92 (9.53%)
GGL 13.62 Increased By ▲ 0.02 (0.15%)
HBL 130.17 Increased By ▲ 8.83 (7.28%)
HUBC 122.62 Increased By ▲ 0.12 (0.1%)
HUMNL 8.05 Increased By ▲ 0.05 (0.63%)
KEL 4.45 Increased By ▲ 0.48 (12.09%)
LOTCHEM 27.92 Decreased By ▼ -0.16 (-0.57%)
MLCF 42.70 Increased By ▲ 0.50 (1.18%)
OGDC 125.61 Increased By ▲ 4.28 (3.53%)
PAEL 21.35 Increased By ▲ 1.12 (5.54%)
PIBTL 6.12 Increased By ▲ 0.32 (5.52%)
PIOC 118.00 Increased By ▲ 2.10 (1.81%)
PPL 113.85 Increased By ▲ 3.10 (2.8%)
PRL 31.80 Increased By ▲ 2.22 (7.51%)
SILK 1.10 Increased By ▲ 0.02 (1.85%)
SNGP 69.40 Increased By ▲ 0.37 (0.54%)
SSGC 13.72 Increased By ▲ 0.02 (0.15%)
TELE 9.24 Increased By ▲ 0.49 (5.6%)
TPLP 14.75 Increased By ▲ 0.08 (0.55%)
TRG 92.85 Increased By ▲ 1.55 (1.7%)
UNITY 27.50 Increased By ▲ 0.25 (0.92%)
WTL 1.66 Increased By ▲ 0.03 (1.84%)
BR100 6,815 Increased By 167.1 (2.51%)
BR30 24,245 Increased By 677 (2.87%)
KSE100 66,224 Increased By 1505.6 (2.33%)
KSE30 22,123 Increased By 529.1 (2.45%)

NEW YORK: Gold prices rose on Friday, helped by a pullback in US Treasury yields and growing inflation concerns, with investors awaiting more clarity on the pace of policy tightening by the Federal Reserve.

Spot gold was up 0.3% at $1,831.23 per ounce by 10:01 a.m. ET (1501 GMT), poised for a weekly gain of about 1.3%.

US gold futures fell 0.3% to $1,832.50.

“Yields are backing off just a touch, so I think gold is just catching its breath right now to figure out what its next move is,” said Philip Streible, chief market strategist at Blue Line Futures in Chicago.

“There is a lot of discussion about possibility of an emergency rate hike. But in addition to multiple rate hikes, other Fed officials have downplayed Bullard’s hawkishness.”

Benchmark 10-year US Treasury yields backed off after topping 2% for the first time in nearly three years in the previous session.

Data showing a spike in US consumer prices has increased pressure on the Fed to take a stronger stand to fight inflation. Fed fund futures are pricing in chance of 50 basis points hike at next month’s policy meeting.

St. Louis Fed Bank President James Bullard said on Thursday he wants a full percentage point of rate hikes over the next three policy meetings.

While gold is considered a hedge against soaring inflation, a resultant hike in interest rates would increase the opportunity cost of holding non-yielding bullion.

“Gold market is just waiting for a lift-off on the Fed. Prices have been trading in a range-bound market around the $1,800 pivot and is technically building support within this range,” said Daniel Pavilonis, senior market strategist at RJO Futures.

Silver fell 0.3% to $23.12 per ounce, but remains poised for a weekly gain of about 2.4%. Platinum was down 1.3% at $1,012.84, while palladium slipped 2.3% to $2,203.94.

Comments

Comments are closed.

Gold gains

Palestinian Authority working with US on postwar plan for Gaza

Inter-bank: rupee sees 9th consecutive gain against US dollar

PML-N demands not power, but accountability: Nawaz Sharif

Open market: rupee edges higher against US dollar

Former finance minister Shaukat Tarin quits PTI, politics

Imran’s statement on Afghan refugees an attempt to gain ‘sympathy of Afghan govt’: info minister

ECP issues notice to PTI regarding petitions challenging intra-party polls

OGDCL discovers hydrocarbon reserves in Sindh

NAB summons Bushra Bibi on December 11 in Toshakhana case

Supporting agriculture sector: SBP greenlights HBL’s Zarai Services