AIRLINK 65.20 Decreased By ▼ -0.70 (-1.06%)
BOP 5.63 Decreased By ▼ -0.06 (-1.05%)
CNERGY 4.51 Decreased By ▼ -0.14 (-3.01%)
DFML 22.95 Increased By ▲ 0.10 (0.44%)
DGKC 70.00 Decreased By ▼ -0.70 (-0.99%)
FCCL 20.37 Increased By ▲ 0.02 (0.1%)
FFBL 28.50 Decreased By ▼ -0.61 (-2.1%)
FFL 9.74 Decreased By ▼ -0.19 (-1.91%)
GGL 10.06 Decreased By ▼ -0.02 (-0.2%)
HBL 114.89 Decreased By ▼ -0.36 (-0.31%)
HUBC 128.75 Decreased By ▼ -0.75 (-0.58%)
HUMNL 6.66 Decreased By ▼ -0.04 (-0.6%)
KEL 4.47 Increased By ▲ 0.09 (2.05%)
KOSM 4.92 Decreased By ▼ -0.10 (-1.99%)
MLCF 36.80 Decreased By ▼ -0.16 (-0.43%)
OGDC 130.70 Decreased By ▼ -0.50 (-0.38%)
PAEL 22.45 Decreased By ▼ -0.03 (-0.13%)
PIAA 25.38 Decreased By ▼ -0.92 (-3.5%)
PIBTL 6.46 Decreased By ▼ -0.07 (-1.07%)
PPL 111.80 Decreased By ▼ -0.32 (-0.29%)
PRL 28.01 Decreased By ▼ -0.38 (-1.34%)
PTC 15.37 Decreased By ▼ -0.74 (-4.59%)
SEARL 57.06 Decreased By ▼ -1.23 (-2.11%)
SNGP 65.71 Increased By ▲ 0.02 (0.03%)
SSGC 10.90 Decreased By ▼ -0.12 (-1.09%)
TELE 8.75 Decreased By ▼ -0.19 (-2.13%)
TPLP 11.74 Increased By ▲ 0.21 (1.82%)
TRG 68.64 Decreased By ▼ -0.60 (-0.87%)
UNITY 23.61 Decreased By ▼ -0.34 (-1.42%)
WTL 1.36 Increased By ▲ 0.01 (0.74%)
BR100 7,291 Decreased By -12.5 (-0.17%)
BR30 23,955 Increased By 4.8 (0.02%)
KSE100 70,290 Decreased By -43.8 (-0.06%)
KSE30 23,093 Decreased By -27.8 (-0.12%)

NEW YORK: Gold popped higher, hitting an over two-week high, on Wednesday as the dollar and Treasury yields retreated, while traders positioned for US Federal Reserve Chair Jerome Powell’s remarks on whether more interest rate hikes are needed.

Spot gold was up 0.6% at $1942.80 per ounce at 12:07 p.m. EDT (1607 GMT). US gold futures rose 0.6% to $1,964.40. “The key is going to be what are Powell’s comments after the actual (rate) announcement,” with the markets expecting rates to be kept steady, said Bob Haberkorn, senior market strategist at RJO Futures. “There are concerns about energy getting too high,” and whether the Fed would have to stay aggressive, Haberkorn added.

Surging oil prices add to inflationary pressures, in turn raising expectations that the Fed will keep rates higher for longer. While gold is considered a hedge against rising inflation, higher rates boost competing Treasury yields, dulling bullion’s appeal. The Fed’s rate-setting committee will release its decision and updated projections at 1800 GMT, with Powell scheduled to hold a press conference at 1830 GMT.

Comments

Comments are closed.