AVN 66.97 Decreased By ▼ -0.13 (-0.19%)
BAFL 31.00 No Change ▼ 0.00 (0%)
BOP 4.90 No Change ▼ 0.00 (0%)
CNERGY 3.80 Increased By ▲ 0.02 (0.53%)
DFML 14.50 Increased By ▲ 0.07 (0.49%)
DGKC 41.85 No Change ▼ 0.00 (0%)
EPCL 46.30 Decreased By ▼ -0.27 (-0.58%)
FCCL 11.60 Decreased By ▼ -0.09 (-0.77%)
FFL 5.15 Increased By ▲ 0.08 (1.58%)
FLYNG 5.72 Decreased By ▼ -0.08 (-1.38%)
GGL 10.50 Increased By ▲ 0.08 (0.77%)
HUBC 69.15 Increased By ▲ 1.15 (1.69%)
HUMNL 5.74 Decreased By ▼ -0.02 (-0.35%)
KAPCO 28.00 Decreased By ▼ -0.10 (-0.36%)
KEL 2.29 No Change ▼ 0.00 (0%)
LOTCHEM 24.91 Decreased By ▼ -0.14 (-0.56%)
MLCF 21.73 Increased By ▲ 0.04 (0.18%)
NETSOL 86.20 Increased By ▲ 0.20 (0.23%)
OGDC 99.30 Increased By ▲ 6.92 (7.49%)
PAEL 11.00 Decreased By ▼ -0.09 (-0.81%)
PIBTL 4.23 Increased By ▲ 0.01 (0.24%)
PPL 84.25 Increased By ▲ 4.10 (5.12%)
PRL 13.65 Increased By ▲ 0.01 (0.07%)
SILK 0.93 Increased By ▲ 0.03 (3.33%)
SNGP 44.27 Increased By ▲ 0.80 (1.84%)
TELE 5.96 No Change ▼ 0.00 (0%)
TPLP 15.76 Increased By ▲ 0.03 (0.19%)
TRG 114.95 Decreased By ▼ -0.06 (-0.05%)
UNITY 13.86 Increased By ▲ 0.01 (0.07%)
WTL 1.16 No Change ▼ 0.00 (0%)
BR100 4,145 Increased By 21.1 (0.51%)
BR30 15,249 Increased By 318.9 (2.14%)
KSE100 41,468 Increased By 277.6 (0.67%)
KSE30 15,635 Increased By 140.7 (0.91%)
Follow us

SINGAPORE: Gold prices fell to a more than one-week low in Asian trade on Tuesday, dented by the dollar's gains and with the focus turning to US jobs report that could offer a clearer picture on the Federal Reserve's next move on monetary policy.

Spot gold was down 0.5% at $1,768.90 per ounce by 0832 GMT, after touching $1,766.20, its lowest since June 21, earlier in the session. US gold futures fell 0.7% to $1,767.80.

"Market participants are reluctant to build new positions due to gold's repeated failure to break above the psychologically important $1,800 level, upcoming labour market data and inflation," Commerzbank analyst Carsten Fritsch said.

He said the dollar level was still pretty strong and hampering gold.

Gold is often seen as a hedge against inflation, although a rate hike by the Fed would increase the opportunity cost of holding bullion and dull its appeal.

"Bearish pressure may continue this week ... Expect gold to resume its downward trend this week as risk sentiment firms and markets continue to look towards the prospects of tightening monetary conditions from the Fed," Howie Lee, an economist at OCBC Bank, said in a note.

Comments

Comments are closed.

Gold prices hits over one-week low in Asia

Policy-level talks with IMF begin today

NA clears Trade Dispute Resolution Bill, 2022

Imran optimistic about prospects of ‘jail bharo’ protest

APC will now be held on 9th

Cases in Karachi, Lasbela: IHC asks police not to take action against Rashid

Oil & gas sector leads PSX rally

Govt decides to enhance capacity of NEECA

Huge earthquake kills 2,700 in Türkiye, Syria

High-income earners directed to pay 50pc of super tax liability

IR officials deputed at 33 sugar mills in Punjab