AGL 39.12 Decreased By ▼ -0.88 (-2.2%)
AIRLINK 128.91 Decreased By ▼ -0.15 (-0.12%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.65 Increased By ▲ 0.16 (3.56%)
DCL 8.50 Decreased By ▼ -0.05 (-0.58%)
DFML 41.01 Increased By ▲ 0.19 (0.47%)
DGKC 82.25 Increased By ▲ 1.29 (1.59%)
FCCL 33.19 Increased By ▲ 0.42 (1.28%)
FFBL 73.50 Decreased By ▼ -0.93 (-1.25%)
FFL 11.76 Increased By ▲ 0.02 (0.17%)
HUBC 109.45 Decreased By ▼ -0.13 (-0.12%)
HUMNL 14.25 Increased By ▲ 0.50 (3.64%)
KEL 5.24 Decreased By ▼ -0.07 (-1.32%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 39.10 Increased By ▲ 0.50 (1.3%)
NBP 63.75 Increased By ▲ 0.24 (0.38%)
OGDC 192.75 Decreased By ▼ -1.94 (-1%)
PAEL 25.61 Decreased By ▼ -0.10 (-0.39%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 153.40 Decreased By ▼ -2.05 (-1.32%)
PRL 25.39 Decreased By ▼ -0.40 (-1.55%)
PTC 17.26 Decreased By ▼ -0.24 (-1.37%)
SEARL 77.75 Decreased By ▼ -0.90 (-1.14%)
TELE 7.65 Decreased By ▼ -0.21 (-2.67%)
TOMCL 33.34 Decreased By ▼ -0.39 (-1.16%)
TPLP 8.31 Decreased By ▼ -0.09 (-1.07%)
TREET 16.36 Increased By ▲ 0.09 (0.55%)
TRG 56.62 Decreased By ▼ -1.60 (-2.75%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,475 Increased By 30.2 (0.29%)
BR30 31,004 Decreased By -185.9 (-0.6%)
KSE100 98,052 Increased By 253.5 (0.26%)
KSE30 30,585 Increased By 104 (0.34%)

LONDON/ROTTERDAM: Gold prices edged higher on Friday, recovering from a more than seven-month low hit earlier as the US dollar eased, but rising Treasury yields kept bullion on course for its biggest weekly drop since early January.

Spot gold was up 0.3% at $1,781.16 per ounce by 10:39 a.m. EST (1539 GMT), after declining to its lowest since July 2 at $1,759.29 earlier. The safe-haven metal was down 2.3% so far this week, its biggest weekly drop since the week of Jan. 8.

US gold futures rose 0.3% to $1,780.30.

“The drop in the US dollar has likely driven gold higher,” said Bart Melek, head of commodity strategies at TD Securities, adding the move could also be technical in nature.

The US dollar was down 0.3% against key rivals and looked to post its second straight weekly loss.

“(However), the problem (for gold) continues to be the yields, and we continue to see rates across the curve move higher,” Melek added.

Benchmark US Treasury yields rose to a near one-year high earlier.

While gold is seen as an inflation hedge, higher inflation expectations have pushed yields up, increasing the opportunity cost of holding non-yielding bullion.

Gold should still benefit from continued loose monetary policy and low real interest rates this year, analysts said. Commerzbank analysts said in a note that gold’s behaviour resembled that of a tsunami, with prices receding in the first phase before coming back all the more violently. Autocatalyst metal platinum rose 1% to $1,287.58 an ounce, and was set to post its third straight weekly gain, having risen to a more than six-year peak earlier in the week.

Palladium rose 0.6% to $2,365.39 an ounce.

Silver rose 1.4% to $27.40, and was set to register its second straight weekly gain.

Comments

Comments are closed.