AIRLINK 66.80 Increased By ▲ 2.21 (3.42%)
BOP 5.67 Increased By ▲ 0.07 (1.25%)
CNERGY 4.63 Decreased By ▼ -0.09 (-1.91%)
DFML 22.32 Increased By ▲ 1.56 (7.51%)
DGKC 69.76 Decreased By ▼ -1.64 (-2.3%)
FCCL 19.62 Decreased By ▼ -0.33 (-1.65%)
FFBL 30.20 Decreased By ▼ -0.25 (-0.82%)
FFL 9.90 Decreased By ▼ -0.15 (-1.49%)
GGL 10.05 No Change ▼ 0.00 (0%)
HBL 115.70 Increased By ▲ 4.70 (4.23%)
HUBC 130.51 Decreased By ▼ -0.33 (-0.25%)
HUMNL 6.74 Decreased By ▼ -0.11 (-1.61%)
KEL 4.35 Decreased By ▼ -0.04 (-0.91%)
KOSM 4.80 Increased By ▲ 0.46 (10.6%)
MLCF 37.19 Decreased By ▼ -0.56 (-1.48%)
OGDC 133.55 Decreased By ▼ -0.30 (-0.22%)
PAEL 22.60 Increased By ▲ 0.03 (0.13%)
PIAA 26.70 Decreased By ▼ -0.85 (-3.09%)
PIBTL 6.25 Decreased By ▼ -0.06 (-0.95%)
PPL 113.95 Decreased By ▼ -1.00 (-0.87%)
PRL 27.15 Decreased By ▼ -0.07 (-0.26%)
PTC 16.13 Decreased By ▼ -0.37 (-2.24%)
SEARL 59.70 Decreased By ▼ -1.00 (-1.65%)
SNGP 66.50 Increased By ▲ 1.35 (2.07%)
SSGC 11.21 Decreased By ▼ -0.14 (-1.23%)
TELE 8.94 Decreased By ▼ -0.03 (-0.33%)
TPLP 11.34 Increased By ▲ 0.09 (0.8%)
TRG 69.36 Increased By ▲ 0.31 (0.45%)
UNITY 23.45 Increased By ▲ 0.01 (0.04%)
WTL 1.36 Decreased By ▼ -0.03 (-2.16%)
BR100 7,312 Decreased By -12.8 (-0.17%)
BR30 24,106 Increased By 48.2 (0.2%)
KSE100 70,484 Decreased By -60.9 (-0.09%)
KSE30 23,203 Increased By 11.5 (0.05%)

Gold prices edged higher on Friday despite pressure from a stronger US dollar and bond yields, with investors assessing major central banks’ decisions to stand pat on rates as a signal of imminent global economic pain.

Spot gold was up 0.2% at $1,923.29 per ounce by 0350 GMT, having logged its biggest daily drop since Sept. 5 on Thursday.

US gold futures also rose 0.2% to $1,943.10.

Central banks for the world’s biggest economies have served notice that they will keep interest rates as high as needed to tame inflation, even as two years of unprecedented global policy tightening reach a peak.

“The markets looked at central banks and said you’re not stopping hikes because inflation is beat, you’re stopping because you’re worried that global growth is about to stop,” said Ilya Spivak, head of global macro at Tastylive.

“There is a very strong sense that global growth is running out of legs to stand on.”

The dollar stood near a six-month peak on the prospects of higher-for-longer US rates, while benchmark 10-year Treasury yields climbed a 16-year high and stocks remained under pressure.

Investors traditionally buy gold as a hedge against economic uncertainty, but higher interest rates tend to weigh on non-interest-paying bullion, which is priced in dollars.

Markets priced in a 45% chance of one more rate hike by the Federal Reserve before next year, while also seeing roughly a 44% chance of some easing in the first half of 2024, according to the CME FedWatch tool.

Traders also digested the Bank of Japan’s decision to maintain ultra-low interest rates, while awaiting key purchasing managers’ index (PMI) data out of the UK, the US, and the euro zone later in the day.

Spot silver rose 0.4% to $23.47 per ounce, set for its best week in four. Platinum gained 0.7% to $925.77 and palladium jumped 0.8% to $1,272.85.

Comments

Comments are closed.