AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

NEW YORK: Gold prices edged lower on Tuesday on concerns over a fresh US coronavirus aid package, while a slightly weaker dollar and subdued treasury yields limited losses and investors kept a close eye on the Federal Reserve’s policy meeting.

Spot gold was down 0.1% to $1,852.31 per ounce at 11:00 a.m. EST (1600 GMT). US gold futures were down 0.2% at $1,850.60.

“There is no clarity on where fiscal spending is going, there is no full clarity of how the central bank is going to react ... these uncertainties are serving as a cap on gold,” said Bart Melek, head of commodity strategies at TD Securities.

However, the dollar slipped from a near one-week high, raising gold’s appeal for other currency holders.

“The US dollar came off a little bit and that’s typically a supportive factor.”

US President Joe Biden’s $1.9 trillion pandemic relief proposal faces hurdles as Republicans voiced concerns over the cost and lobbied for a smaller plan targeting vaccine distribution.

“If they do reach a deal it might be a watered down version to get it through Congress, so that’s also weighing on (the gold) market,” said Saxo Bank analyst Ole Hansen.

Investors now await the US central bank’s policy statement due at the end of a two-day policy meeting on Wednesday.

Meanwhile, US 10-year Treasury yields hit a near three-week low. Lower yields reduce the opportunity cost of holding non-yielding bullion.

On the physical front, China’s net gold imports via Hong Kong in December rose for a second straight month, although imports for the year plunged by 85% as the pandemic took its toll on the country’s demand for the metal.

Silver rose 0.7% to $25.48 an ounce, platinum lost 0.6% to $1,092.15, and palladium fell 0.7% to $2,317.83.

Comments

Comments are closed.