AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

Gold prices rose on Monday, lifted by safe-haven demand as the Ukraine crisis showed no signs of abatement, although the gains were capped by the US Federal Reserve’s plan of aggressive measures to combat inflation.

Spot gold rose 0.3% to $1,927.22 per ounce by 0528 GMT. US gold futures were down 0.1% to $1,927.30.

“A little bit of safe-haven flows (are) going into gold today because Ukraine officially rejected the deadline from Russia,” said Matt Simpson, senior market analyst at City Index.

Ukraine on Monday rejected Russian calls to surrender the port city of Mariupol, where residents are besieged with little food, water and power and fierce fighting shows little sign of easing.

Spot gold may retest resistance at $1,948

Preventing the metal from gaining further, two of the Fed’s most hawkish policymakers said on Friday the central bank needs to take more aggressive steps to combat inflation.

Minneapolis Fed President Neel Kashkari said he wants to raise rates to 1.75% to 2% this year, according to an essay published on the regional Fed bank’s website.

Higher interest rates tend to raise the opportunity cost of holding non-interest paying gold.

Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.8% to 1,082.44 tonnes on Friday - a high since March 2021.

Palladium, used by automakers in catalytic converters to curb emissions, gained 4.3% to $2,597.97 per ounce. It had hit a record high of $3,440.76 on March 7, driven by fears of supply disruptions from top producer Russia.

The auto-catalyst metal is responding better to the events unfolding in Ukraine, “because with Ukraine officially saying no to Russia, it puts peace talks on the back foot and of course that brings further concerns over supplying constraints moving forward,” Simpson added.

Spot silver was up 0.3% to $25.03 per ounce, platinum rose 0.6% to $1,028.20.

Comments

Comments are closed.