AIRLINK 74.40 Decreased By ▼ -0.90 (-1.2%)
BOP 4.95 Increased By ▲ 0.01 (0.2%)
CNERGY 4.34 Decreased By ▼ -0.05 (-1.14%)
DFML 44.73 Increased By ▲ 3.55 (8.62%)
DGKC 87.27 Increased By ▲ 3.96 (4.75%)
FCCL 22.90 Increased By ▲ 1.25 (5.77%)
FFBL 31.65 Decreased By ▼ -0.35 (-1.09%)
FFL 9.36 Decreased By ▼ -0.06 (-0.64%)
GGL 10.10 Increased By ▲ 0.02 (0.2%)
HASCOL 6.77 Decreased By ▼ -0.05 (-0.73%)
HBL 113.60 Decreased By ▼ -0.40 (-0.35%)
HUBC 140.15 Increased By ▲ 1.05 (0.75%)
HUMNL 11.91 Decreased By ▼ -0.09 (-0.75%)
KEL 4.87 Decreased By ▼ -0.04 (-0.81%)
KOSM 4.40 Increased By ▲ 0.04 (0.92%)
MLCF 38.40 Increased By ▲ 0.89 (2.37%)
OGDC 132.80 Decreased By ▼ -0.05 (-0.04%)
PAEL 24.45 Decreased By ▼ -0.40 (-1.61%)
PIBTL 6.53 Decreased By ▼ -0.07 (-1.06%)
PPL 119.64 Increased By ▲ 1.84 (1.56%)
PRL 25.88 Decreased By ▼ -0.18 (-0.69%)
PTC 13.75 Increased By ▲ 0.03 (0.22%)
SEARL 57.25 No Change ▼ 0.00 (0%)
SNGP 66.40 Decreased By ▼ -0.10 (-0.15%)
SSGC 10.15 Decreased By ▼ -0.09 (-0.88%)
TELE 7.95 Decreased By ▼ -0.26 (-3.17%)
TPLP 10.64 Decreased By ▼ -0.06 (-0.56%)
TRG 61.66 Decreased By ▼ -0.74 (-1.19%)
UNITY 26.63 Decreased By ▼ -0.41 (-1.52%)
WTL 1.36 Increased By ▲ 0.01 (0.74%)
BR100 7,835 Decreased By -10.7 (-0.14%)
BR30 25,330 Increased By 74.3 (0.29%)
KSE100 74,878 Increased By 41.8 (0.06%)
KSE30 23,988 Decreased By -16.5 (-0.07%)

Gold prices climbed on Thursday, as risks of a widening Middle East conflict raised bullion’s safe-haven appeal, overshadowing pressures from higher-for-longer US interest rates.

Spot gold was up 0.6% at $2,374.97 per ounce, as of 0429 GMT, after hitting an all-time high of $2,431.29 last Friday.

US gold futures edged 0.1% higher to $2,389.70.

“Given the fact that we do have a lot of uncertainty on the geopolitical front, which is supporting this upward trend that is still prevalent in gold,” said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.

Israel will make its own decisions about how to defend itself, Prime Minister Benjamin Netanyahu said, as Western countries pleaded for restraint in responding to a volley of attacks from Iran.

Although, “US interest rates remaining higher for a longer may be adding some pressure to the ongoing boost for gold … In the short term, we will start to see a bit of consolidation and a potential pullback,” Wong said.

Higher interest rates reduce the appeal of holding non-yielding bullion.

Fed officials are now being more careful about discussing the timing of rate cuts, with Fed Chair Jerome Powell on Tuesday signaling rates may stay higher for longer.

Gold prices rise

Traders of futures contracts tied to the Fed’s policy rate are now pricing in less than 50 basis points of rate cuts for 2024, while betting on the first quarter point cut to arrive in September.

Elsewhere, European Central Bank’s policymaker Mario Centeno said “even after 25 or 50 basis points of cuts we’ll still have a tight monetary policy stance.”

Spot silver rose 0.6% to $28.38 per ounce, platinum was steady at $938.40 and palladium was up 0.2% at$1,027.82.

Comments

200 characters