ANL 13.14 Decreased By ▼ -0.05 (-0.38%)
ASC 12.30 Increased By ▲ 0.13 (1.07%)
ASL 13.44 Decreased By ▼ -0.06 (-0.44%)
BOP 8.41 Increased By ▲ 0.10 (1.2%)
BYCO 6.00 Increased By ▲ 0.25 (4.35%)
FCCL 17.85 Increased By ▲ 0.79 (4.63%)
FFBL 24.11 Increased By ▲ 0.50 (2.12%)
FFL 10.15 Increased By ▲ 0.10 (1%)
FNEL 9.52 Increased By ▲ 0.21 (2.26%)
GGGL 14.10 Increased By ▲ 0.30 (2.17%)
GGL 26.16 Decreased By ▼ -0.59 (-2.21%)
HUMNL 5.74 Increased By ▲ 0.08 (1.41%)
JSCL 15.00 Increased By ▲ 0.45 (3.09%)
KAPCO 31.25 Increased By ▲ 0.55 (1.79%)
KEL 3.37 Increased By ▲ 0.21 (6.65%)
MDTL 2.10 Increased By ▲ 0.01 (0.48%)
MLCF 33.60 Increased By ▲ 1.70 (5.33%)
NETSOL 90.95 Increased By ▲ 1.95 (2.19%)
PACE 4.15 Increased By ▲ 0.06 (1.47%)
PAEL 20.70 Increased By ▲ 0.28 (1.37%)
PIBTL 7.40 Increased By ▲ 0.13 (1.79%)
POWER 6.44 Increased By ▲ 0.13 (2.06%)
PRL 12.16 Increased By ▲ 0.36 (3.05%)
PTC 8.68 Decreased By ▼ -0.01 (-0.12%)
SILK 1.19 No Change ▼ 0.00 (0%)
SNGP 37.80 Increased By ▲ 0.70 (1.89%)
TELE 14.35 Decreased By ▼ -0.12 (-0.83%)
TRG 87.18 Increased By ▲ 7.99 (10.09%)
UNITY 21.96 Increased By ▲ 0.11 (0.5%)
WTL 2.03 Increased By ▲ 0.03 (1.5%)
BR100 4,473 Increased By ▲ 75 (1.71%)
BR30 17,594 Increased By ▲ 602.1 (3.54%)
KSE100 43,853 Increased By ▲ 572.7 (1.32%)
KSE30 17,006 Increased By ▲ 228.3 (1.36%)

Coronavirus
LOW
Source: covid.gov.pk
Pakistan Deaths
28,793
924hr
Pakistan Cases
1,287,703
31024hr
Sindh
477,119
Punjab
443,610
Balochistan
33,514
Islamabad
107,989
KPK
180,471

NEW YORK: Gold prices rose on Friday due to a subdued dollar and as investors avoided riskier assets because of China’s Evergrande saga, but looming interest rate hikes slowed bullion’s advance.

Spot gold was 0.6% higher at $1,752.22 per ounce by 1507 GMT but still on course to dip over the week, while US gold futures eased 0.1% to $1,748.20.

Although gold recovered some ground after Thursday’s 1% fall, OANDA analyst Craig Erlam expected gold to weaken again.

“We’ll see a continuation of the downward trend driven by the Fed’s stance, especially as some of the fears surrounding Evergrande have subsided,” he said.

Gold slid to a one-month low on Thursday on expectations the US Federal Reserve could hike rates. But a weakening dollar index on Friday offered support, making bullion cheaper for holders of other currencies.

“The Fed has announced that tapering is ahead, the next step is when it’s implemented, that will push real rates even further up, and that should be negative for the gold,” said UBS analyst Giovanni Staunovo, adding it would cause day-to-day volatility.

Cleveland Fed President Loretta Mester said on Friday the central bank should start reducing its support for the economy in November and could start raising interest rates by the end of next year should labour markets continue to improve.

A Fed rate hike would increase the opportunity cost of holding gold, which pays no interest.

Elsewhere, palladium fell 1.3% to $1,958.57 per ounce, and was on track for a third straight weekly decline. Platinum slipped 1.6% to $973.23 per ounce, although the metal was set to rise on the week after two weekly falls.

Silver fell 1.3% to $1,958.57.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.