AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

NEW YORK: Gold steadied as the dollar extended losses on Thursday, with the metal on track for its best year in a decade on economic uncertainty and as governments worldwide doled out massive stimulus to lessen the impact of the Covid-19 pandemic.

Spot gold was trading around $1,893.45 per ounce by 12:46 p.m. EST (1746 GMT). US gold futures gained 0.2% to $1,897.30.

Bullion has gained 25% so far in 2020 as global central banks and governments have delivered economic stimulus, laying the ground for higher inflation and currency debasement.

The US Federal Reserve will remain extraordinarily accommodative through 2022 and an increasingly progressive Democratic Party is looking to borrow and spend aggressively, said Tai Wong, head of base and precious metals derivatives trading at BMO.

“Based on that, the US dollar has been slumping badly and can’t manage any rally, which is bullish gold,” he said. “However, if the vaccine really is effective and we have the pandemic beat by summer, that may limit gold gains.”

The non-yielding metal is regarded as a hedge against the inflation that is likely to result from record fiscal stimulus and ultra-dovish monetary policies.

Outperforming gold this year with a nearly 48% gain, its strongest performance since 2010, spot silver was however down 1.2% at $26.30 an ounce on Thursday.

“We forecast further silver outperformance in 2021 on the basis of additional tailwinds from the green transformation driving increased industrial demand, together with the expected economic recovery benefiting silver more than gold,” said Saxo Bank analyst Ole Hansen.

Palladium looked set to post gains for a fifth consecutive year, having risen over 25% in 2020, while platinum is on track to record a second straight yearly rise, climbing about 10%.

Palladium jumped 3.1% to $2,435.62 and platinum eased 0.1% to $1,064.96.

Both the metals are used by automakers in catalytic converter manufacturing to clean car exhaust fumes.

With consumers opting for single-family vehicles over public transport, platinum group metals will benefit from a recovery in global auto sales, tightening emission standards, and strong Chinese imports, said Axi chief global market strategist Stephen Innes.

Comments

Comments are closed.