Gold stables at 1-Year high on weakening dollar, treasury yields

News Image

MG News | March 24, 2023 at 09:59 AM GMT+05:00

0:00

March 24, 2023 (MLN): Gold prices remained relatively steady in early Asian trade on Friday, after settling at a more than-year-high overnight. This rise in prices is attributed to a decline in U.S. Treasury yields and a weakening of the dollar.

Analysts are of the view that the precious metal may continue to rise over the medium term, especially if financial turmoil resurfaces and threatens to create systemic risks.

Contributing strategist for DailyFX, Diego Colman, noted that gold's upward trajectory could continue due to global economic uncertainty. He believes that if financial turmoil re-emerges, gold could provide a safe haven for investors seeking to hedge against risk.

Oanda's senior market analyst, Craig Erlam, also stated that gold is beginning to shine once more, citing risk-aversion on the back of recent comments by Treasury Secretary Janet Yellen.

Yellen said that the government is not considering blanket insurance for bank deposits, which could lead investors to seek alternative safe-haven assets like gold.

As of early Asian trade, spot gold is currently flat at $1,992.30/oz. Analysts will continue to monitor global economic and political developments for potential impacts on gold prices in the coming days and weeks.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 135,939.87
307.74M
-0.41%
-562.67
ALLSHR 84,600.38
877.08M
-0.56%
-479.52
KSE30 41,373.68
101.15M
-0.43%
-178.94
KMI30 191,069.98
82.45M
-1.17%
-2260.79
KMIALLSHR 55,738.07
422.01M
-1.03%
-577.24
BKTi 38,489.75
45.79M
-0.02%
-8.33
OGTi 27,788.15
6.87M
-1.24%
-350.24
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 116,835.00 120,695.00
116,090.00
-3400.00
-2.83%
BRENT CRUDE 68.83 69.41
68.60
-0.38
-0.55%
RICHARDS BAY COAL MONTHLY 96.50 96.50
96.50
0.50
0.52%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.25
-2.05
-1.92%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.69 67.13
66.22
-0.29
-0.43%
SUGAR #11 WORLD 16.56 16.61
16.25
0.26
1.60%

Chart of the Day


Latest News
July 15, 2025 at 05:46 PM GMT+05:00

Labubu Mania drives Pop Mart’s profit surge


July 15, 2025 at 05:22 PM GMT+05:00

Big industry output rises 2.29% in May


July 15, 2025 at 04:22 PM GMT+05:00

SYS set for 71% profit surge on global tailwinds



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg