ANL 10.55 Increased By ▲ 0.14 (1.34%)
ASC 9.16 Decreased By ▼ -0.05 (-0.54%)
ASL 11.70 Decreased By ▼ -0.07 (-0.59%)
AVN 79.45 Increased By ▲ 3.40 (4.47%)
BOP 5.51 Increased By ▲ 0.02 (0.36%)
CNERGY 5.46 Increased By ▲ 0.09 (1.68%)
FFL 6.75 Increased By ▲ 0.04 (0.6%)
FNEL 6.05 Increased By ▲ 0.12 (2.02%)
GGGL 11.32 Increased By ▲ 0.02 (0.18%)
GGL 16.74 Increased By ▲ 0.24 (1.45%)
GTECH 8.75 Increased By ▲ 0.22 (2.58%)
HUMNL 7.25 Increased By ▲ 0.03 (0.42%)
KEL 3.00 Increased By ▲ 0.13 (4.53%)
KOSM 3.20 Increased By ▲ 0.10 (3.23%)
MLCF 26.40 Increased By ▲ 0.41 (1.58%)
PACE 3.15 No Change ▼ 0.00 (0%)
PIBTL 6.11 Increased By ▲ 0.07 (1.16%)
PRL 18.40 Increased By ▲ 0.25 (1.38%)
PTC 7.11 Increased By ▲ 0.10 (1.43%)
SILK 1.22 Increased By ▲ 0.05 (4.27%)
SNGP 34.00 Increased By ▲ 0.75 (2.26%)
TELE 11.40 Increased By ▲ 0.28 (2.52%)
TPL 9.50 Increased By ▲ 0.28 (3.04%)
TPLP 20.58 Increased By ▲ 0.41 (2.03%)
TREET 29.33 Increased By ▲ 0.63 (2.2%)
TRG 77.75 Increased By ▲ 2.00 (2.64%)
UNITY 20.49 Increased By ▲ 0.21 (1.04%)
WAVES 12.72 Increased By ▲ 0.12 (0.95%)
WTL 1.45 No Change ▼ 0.00 (0%)
YOUW 4.90 Increased By ▲ 0.15 (3.16%)
BR100 4,128 Increased By 45 (1.1%)
BR30 15,264 Increased By 279.5 (1.87%)
KSE100 41,620 Increased By 568.3 (1.38%)
KSE30 15,926 Increased By 263.1 (1.68%)

Gold prices fell on Monday as the dollar and Treasury yields firmed after a solid US payrolls report raised expectations of aggressive rate hikes, although the Ukraine crisis and talks of more sanctions against Russia supported safe-haven demand.

A stronger dollar makes gold less attractive for other currency holders, while higher yields increase the opportunity cost of holding non-paying bullion.

Spot gold was down 0.3% at $1,917.55 per ounce by 0434 GMT.

US Gold futures slipped 0.2% to $1,920.30.

“While the conflict in Eastern Europe may be providing a modest tailwind to gold prices on dips, it is very clear now that the main pricing inputs into gold have swung to the impact of higher US yields and a higher US dollar,” said OANDA senior analyst Jeffrey Halley.

Spot gold may retest resistance at $1,948

The dollar made a firm start to the week while Treasury yields were also higher, as the monthly US jobs report indicated a strong labor market and is likely to keep the Federal Reserve on track to maintain its hawkish policy stance.

US job data showed the unemployment rate falling to a new two-year low of 3.6% and wages re-accelerating, positioning the Fed to raise interest rates by a hefty 50 basis points in May.

Investors are looking forward to any discussion of a 50 basis point rate hike when the Fed releases minutes from its March meeting on Wednesday.

Meanwhile, Germany’s defence minister said on Sunday the European Union must discuss banning imports of Russian gas, after Ukrainian and European officials accused Russian forces of atrocities.

Spot gold may fall to $1,898 as it has broken a support at $1,924 per ounce, according to Reuters’ technical analyst Wang Tao.

Spot silver edged 0.2% lower to $24.57 per ounce,platinum was down 0.1% at $984.49, while palladium rose 1.3% to $2,306.19.

Comments

Comments are closed.