AGL 5.77 Decreased By ▼ -0.06 (-1.03%)
ANL 9.07 Increased By ▲ 0.04 (0.44%)
AVN 79.35 Increased By ▲ 0.55 (0.7%)
BOP 5.17 Increased By ▲ 0.01 (0.19%)
CNERGY 4.72 Increased By ▲ 0.04 (0.85%)
EFERT 81.00 Increased By ▲ 0.45 (0.56%)
EPCL 50.75 Decreased By ▼ -0.96 (-1.86%)
FCCL 13.50 Decreased By ▼ -0.11 (-0.81%)
FFL 5.80 Decreased By ▼ -0.05 (-0.85%)
FLYNG 7.17 Increased By ▲ 0.05 (0.7%)
FNEL 4.91 Increased By ▲ 0.06 (1.24%)
GGGL 8.90 No Change ▼ 0.00 (0%)
GGL 15.85 Decreased By ▼ -0.20 (-1.25%)
HUMNL 5.96 Increased By ▲ 0.16 (2.76%)
KEL 2.64 Increased By ▲ 0.04 (1.54%)
LOTCHEM 29.86 Decreased By ▼ -0.15 (-0.5%)
MLCF 24.85 Decreased By ▼ -0.55 (-2.17%)
OGDC 72.40 Increased By ▲ 0.25 (0.35%)
PAEL 15.50 Increased By ▲ 0.01 (0.06%)
PIBTL 5.10 Increased By ▲ 0.09 (1.8%)
PRL 16.51 Increased By ▲ 0.11 (0.67%)
SILK 1.11 Increased By ▲ 0.01 (0.91%)
TELE 9.70 Increased By ▲ 0.05 (0.52%)
TPL 7.35 Increased By ▲ 0.05 (0.68%)
TPLP 19.30 Increased By ▲ 0.07 (0.36%)
TREET 21.85 Decreased By ▼ -0.10 (-0.46%)
TRG 145.40 Increased By ▲ 0.43 (0.3%)
UNITY 16.65 Increased By ▲ 0.03 (0.18%)
WAVES 9.95 Decreased By ▼ -0.05 (-0.5%)
WTL 1.39 Increased By ▲ 0.02 (1.46%)
BR100 4,254 Increased By 23.6 (0.56%)
BR30 15,845 Increased By 23 (0.15%)
KSE100 42,317 Increased By 245.7 (0.58%)
KSE30 15,633 Increased By 129 (0.83%)
Follow us

NEW YORK: Gold prices edged up on Wednesday, pressured by a stronger dollar and Treasury yields as hawkish comments from US Federal Reserve officials pulled the metal further away from last session’s one-month peak.

Spot gold rose 0.1% to $1,761.79 per ounce by 1:57 p.m. ET (1757 GMT), seesawing in a roughly $20 range, while US gold futures fell 0.7% to $1,776.4.

The dollar index rose 0.3%, making dollar-priced gold more expensive for other currency holders. US 10-year Treasury yields also jumped to their highest in nearly two weeks.

“Some Fed speakers have repeated an aggressive stance, which is keeping inflow (in gold) limited,” Edward Moya, senior analyst with OANDA, said. “However, global recessionary fears are to put an end to these aggressive rate hikes, so gold should maintain a bullish trend”.

St. Louis Fed President James Bullard on Wednesday said the Fed would be steadfast in raising interest rates to bring inflation, running at four-decade highs, back to the central bank’s 2% target.

A high interest rate environment makes bullion less appealing as it yields no interest.

Worsening ties between Washington and Beijing over US House of Representatives Speaker Nancy Pelosi’s visit to Taiwan had pushed gold to its highest since July 5 on Tuesday at $1,787.79.

Gold is considered a safe investment amid geo-political and economic uncertainties.

Investors await US jobs data due on Friday.

“Friday’s employment figures are likely to offer more clarity on what the path of the Fed’s tightening is likely to be, with an upside surprise likely to reinforce expectations of a more hawkish central bank and therefore weigh down on gold,” said Ricardo Evangelista, senior analyst at ActivTrades.

Spot silver rose 0.1% to $19.97 per ounce, platinum was up 0.3% to $896.41, but palladium fell nearly 2% to $2,022.50.

Analysts have sharply lowered their price forecasts for platinum and palladium as the global economic slowdown reduces demand, a Reuters poll showed.

Comments

Comments are closed.

US MIDDAY: Gold in tight range

PD prepares $496m gas pipeline augmentation plan

Intra-day update: rupee registers marginal losses against US dollar

Oil rises as market weighs OPEC+ supply rebalance

IMF, govt begin virtual engagement

Dar willing to allow sugar export?

Presidential Reference on Reko Diq project: SC to announce short order next week

Tax-exempted areas: FBR sets up checkposts to monitor supplies

TTP ends ceasefire, orders nationwide attacks

Saudi unveils plan for massive new airport in capital

Two Palestinians killed by Israeli forces, Palestinians say