AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,599 Increased By 139.8 (0.55%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)

Gold prices fell on Tuesday, pressured by a stronger dollar and upbeat equities, even as talks in Washington to lift the US debt ceiling dragged on. Spot gold fell 0.3% to $1,963.56 per ounce by 0444 GMT. US gold futures were down 0.6% at $1,965.20.

The dollar index held firm, making greenback-priced gold less attractive for overseas buyers.

“While a debt-ceiling deal has not been reached yet, comments from (House) Speaker (Kevin) McCarthy reduced safe-haven buying flows into gold,” said Tim Waterer, chief market analyst at KCM Trade.

The dollar’s momentum, fuelled by hawkish comments from Federal Reserve officials, has also been acting as a shackle on gold prices, Waterer said.

US President Joe Biden and Speaker McCarthy could not reach an agreement on Monday on how to raise the $31.4 trillion debt ceiling with just 10 days before a possible default that could sink the economy, but pledged to keep talking.

Keeping gold under pressure, St. Louis Fed President James Bullard said there might be a need to go higher on the policy rate.

Rising rates hurt demand for the zero-yielding asset. However, Michael Langford, director at corporate advisory AirGuide, said key risks for gold appear to be easing as Fed Chair Jerome Powell signalled that it may be time to pause rate rises.

Markets are now pricing in an 84.7% chance of the Fed standing pat on rates next month, the CME FedWatch tool showed.

Gold, silver prices soar

In the wider financial market, Asian stocks crept to two-week highs, helped by hints of progress towards avoiding a US default and by resilience in Japan’s economy, with industrial sector surveys in Europe and the United States in focus later in the day.

Spot silver fell 0.5% to $23.55 per ounce, palladium shed 0.2% to $1,487.67, platinum was steady at $1,067.28.

Comments

Comments are closed.