AGL 37.55 Increased By ▲ 0.05 (0.13%)
AIRLINK 218.49 Decreased By ▼ -4.40 (-1.97%)
BOP 10.68 Decreased By ▼ -0.14 (-1.29%)
CNERGY 7.32 Decreased By ▼ -0.24 (-3.17%)
DCL 9.10 Decreased By ▼ -0.32 (-3.4%)
DFML 40.35 Decreased By ▼ -0.61 (-1.49%)
DGKC 102.20 Decreased By ▼ -4.56 (-4.27%)
FCCL 34.40 Decreased By ▼ -2.67 (-7.2%)
FFL 19.50 Increased By ▲ 0.26 (1.35%)
HASCOL 12.82 Decreased By ▼ -0.36 (-2.73%)
HUBC 130.69 Decreased By ▼ -1.95 (-1.47%)
HUMNL 14.42 Decreased By ▼ -0.31 (-2.1%)
KEL 5.27 Decreased By ▼ -0.13 (-2.41%)
KOSM 7.20 Decreased By ▼ -0.28 (-3.74%)
MLCF 45.45 Decreased By ▼ -2.73 (-5.67%)
NBP 65.79 Decreased By ▼ -0.50 (-0.75%)
OGDC 220.12 Decreased By ▼ -3.14 (-1.41%)
PAEL 44.25 Increased By ▲ 0.75 (1.72%)
PIBTL 9.08 Increased By ▲ 0.01 (0.11%)
PPL 192.28 Decreased By ▼ -5.96 (-3.01%)
PRL 41.60 Decreased By ▼ -0.64 (-1.52%)
PTC 26.69 Decreased By ▼ -0.70 (-2.56%)
SEARL 107.29 Decreased By ▼ -2.79 (-2.53%)
TELE 10.32 Decreased By ▼ -0.20 (-1.9%)
TOMCL 35.86 Decreased By ▼ -0.76 (-2.08%)
TPLP 14.48 Decreased By ▼ -0.47 (-3.14%)
TREET 25.86 Decreased By ▼ -0.67 (-2.53%)
TRG 67.34 Decreased By ▼ -1.51 (-2.19%)
UNITY 33.50 Decreased By ▼ -0.69 (-2.02%)
WTL 1.75 Decreased By ▼ -0.04 (-2.23%)
BR100 12,291 Decreased By -72.5 (-0.59%)
BR30 37,354 Decreased By -863.8 (-2.26%)
KSE100 116,637 Decreased By -482.9 (-0.41%)
KSE30 36,770 Decreased By -166.8 (-0.45%)

NEW YORK: Gold prices edged higher on Friday, helped by a slight pullback in the dollar and bond yields as investors digested a still hawkish stance from the Federal Reserve.

Spot gold rose 0.3% to $1,925.21 per ounce by 1:59 p.m. EDT (1759 GMT), following three sessions of losses. US gold futures settled 0.3% higher at $1,945.60 per ounce. The dollar retreated from a six-month peak against a basket of major currencies, making gold less expensive for other currency holders, while benchmark 10-year Treasury yields slipped from 16-year highs.

“The main focal point is the idea that Fed will keep rates higher for longer and that has driven the dollar, yields higher and has applied pressure to not just gold, but commodity markets across the board,” said David Meger, director of metals trading at High Ridge Futures.

The US central bank held interest rates steady this week, but they could be raised one more time by 25 basis points before the end of year, according to the Fed’s updated quarterly projections.

Non-yielding gold tends to fall out of favour among investors when interest rates rise. “There is going to be a huge amount of emphasis now on the economic data, which is going be a massive driver now for the next six weeks in the run-up to the next (central bank) meetings,” said Craig Erlam, senior markets analyst at OANDA.

US business activity showed little change in September, with the vast services sector essentially idling at the slowest pace since February, a survey published on Friday showed.

Comments

Comments are closed.