ANL 10.33 Decreased By ▼ -0.06 (-0.58%)
ASC 9.07 Decreased By ▼ -0.04 (-0.44%)
ASL 11.20 Decreased By ▼ -0.10 (-0.88%)
AVN 78.38 Decreased By ▼ -0.62 (-0.78%)
BOP 5.43 Decreased By ▼ -0.10 (-1.81%)
CNERGY 5.37 Increased By ▲ 0.01 (0.19%)
FFL 6.63 Increased By ▲ 0.02 (0.3%)
FNEL 5.95 No Change ▼ 0.00 (0%)
GGGL 11.06 Decreased By ▼ -0.04 (-0.36%)
GGL 16.53 Increased By ▲ 0.03 (0.18%)
GTECH 8.41 Decreased By ▼ -0.09 (-1.06%)
HUMNL 7.16 No Change ▼ 0.00 (0%)
KEL 3.09 Increased By ▲ 0.01 (0.32%)
KOSM 3.04 Decreased By ▼ -0.01 (-0.33%)
MLCF 27.00 Increased By ▲ 0.40 (1.5%)
PACE 3.00 Decreased By ▼ -0.03 (-0.99%)
PIBTL 6.07 Increased By ▲ 0.03 (0.5%)
PRL 18.20 Increased By ▲ 0.09 (0.5%)
PTC 7.02 No Change ▼ 0.00 (0%)
SILK 1.16 Decreased By ▼ -0.01 (-0.85%)
SNGP 34.41 Increased By ▲ 0.86 (2.56%)
TELE 11.03 Decreased By ▼ -0.07 (-0.63%)
TPL 9.05 Decreased By ▼ -0.10 (-1.09%)
TPLP 20.04 Decreased By ▼ -0.49 (-2.39%)
TREET 29.50 Decreased By ▼ -0.23 (-0.77%)
TRG 77.05 Decreased By ▼ -0.35 (-0.45%)
UNITY 20.24 No Change ▼ 0.00 (0%)
WAVES 12.70 Decreased By ▼ -0.10 (-0.78%)
WTL 1.37 Decreased By ▼ -0.03 (-2.14%)
YOUW 4.80 Increased By ▲ 0.02 (0.42%)
BR100 4,079 Decreased By -33 (-0.8%)
BR30 15,121 Decreased By -46.5 (-0.31%)
KSE100 41,298 Decreased By -467.9 (-1.12%)
KSE30 15,697 Decreased By -237.2 (-1.49%)

NEW YORK: Gold prices rose on Thursday, as demand for the safe-haven asset was lifted by a softer dollar and data showing the US economy grew at its slowest pace in more than a year. Spot gold rose 0.3% to $1,801.43 per ounce by 2:05 pm ET (1805 GMT). US gold futures settled up 0.2% at $1,802.6.

"Economic growth slowed in the US and that would support the gold market in the perspective that the Federal Reserve would be less likely to either taper asset purchases at a quicker pace or the outlook for higher interest rates would be curtailed," said David Meger, director of metals trading at High Ridge Futures.

US gross domestic product increased at a 2.0% annualized rate last quarter, as a resurgence in COVID-19 cases further stretched global supply chains, leading to shortages of goods like automobiles that slammed the brakes on consumer spending. The US dollar fell 0.6% against a basket of currencies, a one-month low, making gold cheaper to overseas buyers. Spot silver rose 0.1% to $24.07 per ounce.

The European Central Bank left its policy unchanged, as widely expected, on Thursday. Markets are now focused on the US Federal Reserve's meeting on Nov. 2-3, which would be more crucial for gold after chief Jerome Powell's recent comments on tapering asset purchases. Platinum rose 1% to $1,020.97 per ounce. Palladium jumped 1.5% to $1,992.81 per ounce.

Comments

Comments are closed.