AVN 65.30 Increased By ▲ 0.34 (0.52%)
BAFL 30.20 Decreased By ▼ -0.05 (-0.17%)
BOP 4.66 Increased By ▲ 0.02 (0.43%)
CNERGY 3.82 Decreased By ▼ -0.06 (-1.55%)
DFML 13.30 Decreased By ▼ -0.25 (-1.85%)
DGKC 42.60 Increased By ▲ 0.40 (0.95%)
EPCL 48.39 Increased By ▲ 2.58 (5.63%)
FCCL 11.28 Decreased By ▼ -0.13 (-1.14%)
FFL 5.15 Decreased By ▼ -0.02 (-0.39%)
FLYNG 5.81 Increased By ▲ 0.01 (0.17%)
GGL 9.93 Decreased By ▼ -0.11 (-1.1%)
HUBC 63.80 Increased By ▲ 0.50 (0.79%)
HUMNL 5.77 Increased By ▲ 0.02 (0.35%)
KAPCO 27.85 Increased By ▲ 0.02 (0.07%)
KEL 2.20 Increased By ▲ 0.07 (3.29%)
LOTCHEM 25.17 Decreased By ▼ -0.16 (-0.63%)
MLCF 21.43 Decreased By ▼ -0.14 (-0.65%)
NETSOL 83.85 Decreased By ▼ -1.14 (-1.34%)
OGDC 88.01 Increased By ▲ 1.78 (2.06%)
PAEL 10.85 Decreased By ▼ -0.07 (-0.64%)
PIBTL 4.20 Decreased By ▼ -0.03 (-0.71%)
PPL 79.00 Increased By ▲ 0.48 (0.61%)
PRL 13.40 Decreased By ▼ -0.22 (-1.62%)
SILK 0.89 No Change ▼ 0.00 (0%)
SNGP 41.18 Increased By ▲ 0.32 (0.78%)
TELE 6.05 Increased By ▲ 0.05 (0.83%)
TPLP 15.85 Decreased By ▼ -0.15 (-0.94%)
TRG 111.39 Decreased By ▼ -0.31 (-0.28%)
UNITY 13.90 Decreased By ▼ -0.09 (-0.64%)
WTL 1.16 Increased By ▲ 0.03 (2.65%)
BR100 4,044 Increased By 17.9 (0.44%)
BR30 14,499 Increased By 96.8 (0.67%)
KSE100 40,599 Increased By 148.4 (0.37%)
KSE30 15,177 Increased By 67.1 (0.44%)
Follow us

NEW YORK: Gold edged lower on Monday and was heading for its longest streak of monthly losses on record as a stronger dollar, elevated US bond yields and prospects for more rate hikes from the Federal Reserve dented the non-yielding metal’s appeal.

Spot gold fell 0.2% to $1,638.84 per ounce by 11:51 a.m. ET (1551 GMT), and was set to post its seventh straight monthly decline, down about 1.1% this month.

US gold futures fell 0.3% to $1,640.60.

A combination of pressure from the expected rate hikes, the relative strength of the dollar and rising yields continue to pressure gold prices again this morning, said David Meger, director of metals trading at High Ridge Futures.

The dollar index rose 0.8%, making gold more expensive for other currency holders. The benchmark 10-year Treasury yields also edged up.

The Fed is widely expected to increase interest rates by 75 basis points at the conclusion of its policy meeting on Nov. 2. Traders will be keen on the Fed’s commentary on future rate hikes amid debate over when to downshift to smaller rate hikes.

Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding it. Gold prices have fallen more than $400 since scaling above the key $2,000 per ounce level in March.

Elsewhere, spot silver fell 0.3% to $19.17 per ounce.

Platinum fell 1.2% to $932.98, but was headed for its biggest monthly gain since February 2021.

“We believe platinum’s wide discount to palladium should support substitution in the car industry and lift prices over the next 12 months,” UBS analysts said in a note.

Meanwhile, palladium dropped 3.7% to $1,828.93 and was set for its biggest monthly drop since May.

“Weaker industrial demand due to slower economic growth in Europe and the US and substitution from palladium to platinum will weigh on prices,” UBS analysts said, adding they expect “palladium prices to drop to $1,700/oz by end-2023.”

Comments

Comments are closed.

Gold edges lower

Intra-day update: rupee continues to sustain losses against US dollar

SBP denies USD rate capping caused loss

Import of used tractors: ECC asks MoC, SBP to rethink

IMF conditionalities: Govt raises fuel prices in a gesture of compliance

Imran Khan censures govt for ‘massive’ fuel hike

Oil climbs after drone attack in Iran, China’s pledge to promote consumption

Dar says fiscal discipline has to be imposed

Decline in cess collection lands body in trouble: Food ministry seeks Rs666.64m grant for cotton committee

Termination of SEL’s LoS: PPIB seeks comments from CPPA-G, NTDC

Hike to fuel inflation: Tarin