AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)
Markets

Gold steadies as rate hike bets recede, Fed minutes awaited

  • Spot gold was steady at $1,787.59 per ounce by 0327 GMT, after hitting its highest since June 18 at $1,794.86 on Friday
Published July 5, 2021

Gold held firm below a two-week high on Monday as concerns eased over an earlier-than-expected rate hike by the Federal Reserve after a mixed bag of US jobs data, while focus shifted to minutes from the US central bank's June policy meeting.

Spot gold was steady at $1,787.59 per ounce by 0327 GMT, after hitting its highest since June 18 at $1,794.86 on Friday.

Most US markets were closed on Monday for the Independence Day holiday. US gold futures rose 0.2% to $1,787.60.

"Last week's payroll numbers provided a lot of mixed signals and the data wasn't solid enough to move that Fed needle," said Stephen Innes, managing partner at SPI Asset Management.

"However, economic growth in the US is quite strong, inflation is quite strong... We have to be very cognizant as markets are still playing a hawkish Fed hand and this is going to limit gold topside ambitions."

Data on Friday showed US companies hired the most workers in 10 months in June, but unemployment ticked higher, workforce participation didn't budge and the pace of hourly earnings growth slowed.

Meanwhile, a rebound in the US labour market is strengthening investors' focus on economic data and the Fed's next move, as markets cheer further evidence of a robust economic recovery amid worries over persistent inflation.

Minutes of the Fed's latest meeting due to be published on Wednesday could shed more light on policymakers' views on inflation and monetary policy going forward.

Speculators reduced their net long positions in COMEX gold in the week ended June 29 while raising net long positions in silver, data from the US Commodity Futures Trading Commission showed.

Spot gold may break a resistance at $1,789 per ounce and rise to $1,813,as suggested by its wave pattern and retracement analysis, said Reuters technical analyst Wang Tao.

Elsewhere, silver rose 0.3% to $26.55 per ounce, palladium gained 0.3% to $2,793.16 and platinum climbed 0.5% to $1,094.99.

Comments

Comments are closed.