AIRLINK 212.82 Increased By ▲ 3.27 (1.56%)
BOP 10.25 Decreased By ▼ -0.21 (-2.01%)
CNERGY 7.00 Decreased By ▼ -0.35 (-4.76%)
FCCL 33.47 Decreased By ▼ -0.92 (-2.68%)
FFL 17.64 Decreased By ▼ -0.41 (-2.27%)
FLYNG 21.82 Decreased By ▼ -1.10 (-4.8%)
HUBC 129.11 Decreased By ▼ -3.38 (-2.55%)
HUMNL 13.86 Decreased By ▼ -0.28 (-1.98%)
KEL 4.86 Decreased By ▼ -0.17 (-3.38%)
KOSM 6.93 Decreased By ▼ -0.14 (-1.98%)
MLCF 43.63 Decreased By ▼ -1.57 (-3.47%)
OGDC 212.95 Decreased By ▼ -5.43 (-2.49%)
PACE 7.22 Decreased By ▼ -0.36 (-4.75%)
PAEL 41.17 Decreased By ▼ -0.53 (-1.27%)
PIAHCLA 16.83 Decreased By ▼ -0.47 (-2.72%)
PIBTL 8.63 Increased By ▲ 0.08 (0.94%)
POWERPS 12.50 No Change ▼ 0.00 (0%)
PPL 183.03 Decreased By ▼ -6.00 (-3.17%)
PRL 39.63 Decreased By ▼ -2.70 (-6.38%)
PTC 24.73 Decreased By ▼ -0.44 (-1.75%)
SEARL 98.01 Decreased By ▼ -5.95 (-5.72%)
SILK 1.01 Decreased By ▼ -0.02 (-1.94%)
SSGC 41.73 Increased By ▲ 2.49 (6.35%)
SYM 18.86 Decreased By ▼ -0.30 (-1.57%)
TELE 9.00 Decreased By ▼ -0.24 (-2.6%)
TPLP 12.40 Decreased By ▼ -0.70 (-5.34%)
TRG 65.68 Decreased By ▼ -3.50 (-5.06%)
WAVESAPP 10.98 Increased By ▲ 0.26 (2.43%)
WTL 1.79 Increased By ▲ 0.08 (4.68%)
YOUW 4.03 Decreased By ▼ -0.11 (-2.66%)
BR100 11,866 Decreased By -213.1 (-1.76%)
BR30 35,697 Decreased By -905.3 (-2.47%)
KSE100 114,148 Decreased By -1904.2 (-1.64%)
KSE30 35,952 Decreased By -625.5 (-1.71%)
Markets

Gold flat as robust US economic data counters lower yields

  • Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.3% on Wednesday from Tuesday.
Published April 16, 2021

Gold prices were steady on Friday as robust US economic data nullified support from lower Treasury yields, although the metal looked set to post a second straight weekly gain on inflationary concerns.

FUNDAMENTALS

Spot gold was steady at $1,763.46 per ounce by 0113 GMT. US gold futures were down 0.2% to $1,763.80 per ounce.

Gold was set for its best week in five as inflationary concerns over massive fiscal aids and ultra-low interest rates across the globe kept the metal supported.

US Treasury yields plummeted to one-month lows on Thursday after the US government imposed a broad array of sanctions on Russia as punishment for alleged misdeeds, including interfering in the 2020 US election.

Low bond returns reduce the opportunity cost of holding non-yielding bullion.

Weighing on gold, data showed a better-than-expected rebound in US retail sales in March, while weekly initial claims for state unemployment benefits dropped to the lowest level since mid-March 2020.

China's economic recovery from a coronavirus-induced downturn earlier last year likely accelerated rapidly in the first quarter, driven by improved demand at home and abroad and continued government support for smaller companies.

Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.3% on Wednesday from Tuesday.

Silver was flat at $25.85 per ounce, but up for a second straight week.

Palladium was steady at $2,741.84 but up about 4% for the week. Platinum gained 0.5% to $1,198.21.

Comments

Comments are closed.