AVN 65.45 Increased By ▲ 0.50 (0.77%)
BAFL 30.65 Decreased By ▼ -0.86 (-2.73%)
BOP 4.83 Increased By ▲ 0.04 (0.84%)
CNERGY 3.72 Decreased By ▼ -0.12 (-3.13%)
DFML 14.26 Decreased By ▼ -0.15 (-1.04%)
DGKC 41.06 Decreased By ▼ -0.54 (-1.3%)
EPCL 46.56 Decreased By ▼ -0.14 (-0.3%)
FCCL 11.35 Increased By ▲ 0.06 (0.53%)
FFL 5.03 Decreased By ▼ -0.02 (-0.4%)
FLYNG 5.78 Decreased By ▼ -0.04 (-0.69%)
GGL 10.28 Decreased By ▼ -0.17 (-1.63%)
HUBC 67.03 Increased By ▲ 1.39 (2.12%)
HUMNL 5.68 Increased By ▲ 0.02 (0.35%)
KAPCO 27.85 Increased By ▲ 0.10 (0.36%)
KEL 2.19 Increased By ▲ 0.04 (1.86%)
LOTCHEM 24.83 Increased By ▲ 0.48 (1.97%)
MLCF 21.37 Decreased By ▼ -0.11 (-0.51%)
NETSOL 84.20 Decreased By ▼ -0.59 (-0.7%)
OGDC 85.94 Decreased By ▼ -1.31 (-1.5%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.17 Decreased By ▼ -0.05 (-1.18%)
PPL 74.56 Decreased By ▼ -1.14 (-1.51%)
PRL 13.40 Decreased By ▼ -0.25 (-1.83%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.44 Decreased By ▼ -0.89 (-2.15%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.42 Decreased By ▼ -0.22 (-1.41%)
TRG 111.63 Decreased By ▼ -0.07 (-0.06%)
UNITY 13.76 Decreased By ▼ -0.22 (-1.57%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Follow us

NEW YORK: Gold prices jumped over 2% on Tuesday to firm above the key $1,700 per ounce level, boosted by a fall in the dollar and bond yields and technical buying, while market focus remained on US inflation data later this week.

Spot gold rose 2.2% to $1,712.20 per ounce by 10:55 a.m EST (1555 GMT), its highest level since Oct. 7. US gold futures climbed 2% to $1,714.60.

“There appears to have been a big risk-on move which has powered stocks higher and sent the dollar lower on the day, lifting precious metals in turn,” OANDA analyst Craig Erlam said.

“Gold has also broken through $1,680 and then $1,700 and the break of those technical levels could providing an additional boost.” The dollar index fell 0.5% to a near two-week low against its rivals, making bullion more appealing for other currency holders. US Treasury yields also crept lower.

Data on the US consumer price index (CPI) is due on Thursday, with economists forecasting a decline in both the monthly and yearly core numbers to 0.5% and 6.5%, respectively.

“If we do see inflation has continued to slowly tick down that will bode well for markets in general with the expectations of less Fed rate hikes moving forward,” said David Meger, director of metals trading at High Ridge Futures.

Traders have priced in a 67% chance of a 50 basis-point rate hike in December, and a 33% probability of a 75-bps increase.

Although gold is seen as an inflation hedge, higher interest rates raise the opportunity cost of holding bullion.

Market participants are also focused on Tuesday’s US midterm elections.

Other metals latched on to gold’s run, with silver rising 3.3% to $21.47 per ounce, its highest since late June.

Platinum rose 1.5% to $993.96, and palladium gained 1% to $1,915.64.

Comments

Comments are closed.

Gold jumps over 2pc

Dar hits out at Imran Khan’s ‘irresponsible tweet’ about current govt

Islamabad court sends Sheikh Rashid on 14-day judicial remand

Imran says PTI to fill jails on his call to protest against govt's vengeful actions

Imran Khan not brave enough to voluntarily accept arrest: Marriyum Aurangzeb

Analyst fears further rupee decline in coming days

Wikipedia asks Pakistan to restore access to its service

Pakistan to appeal to Taliban leader after terrorism surges

US allows seized Russian money to go to Ukraine aid: report

Ukraine, Russia swap prisoners; bodies of British volunteers returned

Industry yet to export any amount of sugar