AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Follow us

Gold prices rose on Wednesday after the United States said Russia was still building up troops around Ukraine and as markets looked ahead to the release of minutes from the Federal Reserve's last policy meeting.

Spot gold was up 0.9pc at $1,869.41 per ounce by 01:39 p.m. EST (1839 GMT). U.S. gold futures settled down 0.8pc at $1,871.50.

"Gold is attracting a wide range of investors that are looking for protection as they are realizing that there's not going to be a quick resolution to this (Russian-Ukraine) situation," said Edward Moya, senior market analyst at brokerage OANDA.

"Gold has a clear path higher. However, it will have some moments where it will sell off because of more aggressive Fed tightening expectations."

U.S. Secretary of State Antony Blinken said on Wednesday that Russia has been moving critical units closer to Ukraine's border, despite Moscow's insistence it was pulling back.

Gold firms below 8-month high; investors keep tabs on Ukraine crisis

Rising geopolitical tensions and U.S. rate hike expectations weighed on sentiment in financial markets, driving investors to seek safe-havens like gold.

Investors now await the 2 p.m. EST (1900 GMT) release of the minutes from the U.S. central bank's Jan. 25-26 policy meeting. They are expected to shed more light on policymakers' plans to hike interest rates.

The Fed will kick off its tightening cycle in March with a 25-basis-point hike to its benchmark overnight interest rate, a Reuters poll found.

"Once the Fed starts raising rates and ... if it's faster than expected you'll see gold dropping, but I don't see a collapse," said Bernard Dahdah, an analyst at Natixis.

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

Data released on Wednesday showed U.S. retail sales rebounded sharply in January, but higher prices could blunt the impact on economic growth this quarter.

Elsewhere, silver rose 0.9pc to $23.56 per ounce, platinum climbed 3.3pc to $1,059.60 and palladium gained 1.4pc to $2,279.71.

Comments

Comments are closed.

Gold rises as concerns over Ukraine resurface; Fed minutes in focus

Moonis’ claims on Gen Bajwa raises doubts on institution’s apolitical narrative: Sanaullah

PTI quitting provincial assemblies will be humiliating for its voters: Saad Rafiq

Russia: price cap is ‘dangerous’ and will not curb demand for our oil

Pakistan calls on interim Afghan govt to up security at Kabul embassy after attack

US unveils high-tech B-21 stealth bomber

England in charge in Rawalpindi despite Babar hundred

SBP repays $1bn bond before due date

Maj-Gen Sharif made ISPR DG

‘Won’t take IMF’s dictation’: Dar

Zelenskiy’s chief of staff: Price cap on Russian oil should be lowered to $30 a barrel