AIRLINK 157.41 Decreased By ▼ -6.97 (-4.24%)
BOP 10.37 Decreased By ▼ -0.20 (-1.89%)
CNERGY 8.32 Decreased By ▼ -0.08 (-0.95%)
CPHL 92.89 Increased By ▲ 2.93 (3.26%)
FCCL 46.73 Decreased By ▼ -0.21 (-0.45%)
FFL 14.88 Decreased By ▼ -0.36 (-2.36%)
FLYNG 26.98 Increased By ▲ 0.65 (2.47%)
HUBC 134.01 Decreased By ▼ -2.36 (-1.73%)
HUMNL 12.52 Decreased By ▼ -0.49 (-3.77%)
KEL 4.21 Decreased By ▼ -0.07 (-1.64%)
KOSM 5.39 Decreased By ▼ -0.22 (-3.92%)
MLCF 60.88 Increased By ▲ 0.09 (0.15%)
OGDC 208.52 Decreased By ▼ -6.37 (-2.96%)
PACE 5.40 Decreased By ▼ -0.14 (-2.53%)
PAEL 40.78 Decreased By ▼ -1.22 (-2.9%)
PIAHCLA 18.80 Increased By ▲ 1.06 (5.98%)
PIBTL 9.98 Decreased By ▼ -0.25 (-2.44%)
POWER 11.96 Increased By ▲ 0.06 (0.5%)
PPL 168.77 Decreased By ▼ -5.45 (-3.13%)
PRL 35.03 Decreased By ▼ -0.51 (-1.44%)
PTC 22.99 Increased By ▲ 0.05 (0.22%)
SEARL 93.10 Decreased By ▼ -1.94 (-2.04%)
SSGC 35.57 Decreased By ▼ -1.04 (-2.84%)
SYM 13.66 Decreased By ▼ -0.27 (-1.94%)
TELE 6.95 Decreased By ▼ -0.29 (-4.01%)
TPLP 10.00 Decreased By ▼ -0.27 (-2.63%)
TRG 60.67 Decreased By ▼ -0.86 (-1.4%)
WAVESAPP 9.70 Decreased By ▼ -0.62 (-6.01%)
WTL 1.30 Decreased By ▼ -0.02 (-1.52%)
YOUW 3.65 Decreased By ▼ -0.04 (-1.08%)
BR100 12,239 Decreased By -154.2 (-1.24%)
BR30 36,393 Decreased By -714.3 (-1.92%)
KSE100 114,153 Decreased By -1379.3 (-1.19%)
KSE30 35,200 Decreased By -461.3 (-1.29%)

Gold prices fell on Thursday, retreating from all-time highs hit earlier this week, as the US dollar ticked up ahead of US jobs data and the Federal Reserve chief’s speech that could offer further insights into the interest rate outlook.

Spot gold fell 0.5% to $2,500.65 per ounce, as of 0243 GMT, trading below a record high of $2,531.60 hit on Tuesday.

US gold futures eased 0.4% to $2,537.10. The market has been fluctuating with minor gains and losses recently, indicating a phase of consolidation, said Ilya Spivak, head of global macro, Tastylive.

“The minutes from the (Fed) meeting in July, you get the sense that the Fed is ready to cut rates… the Fed must now start to cut or else it will over tighten and end up hurting the economy unduly.”

The dollar index was up 0.2% after touching its lowest level since late December on Wednesday, following minutes from the Fed’s July 30-31 meeting that showed officials were strongly inclined toward a rate cut next month.

Traders have fully priced in easing by the Fed at the September meeting, with a 62% chance of a 25 basis point (bps) cut, according to CME FedWatch tool.

A low interest rate environment tends to boost non-yielding bullion’s appeal.

Investors are now awaiting the Jackson Hole Economic Symposium starting Thursday, with Fed Chair Jerome Powell set to speak on Friday.

The market will also be looking for initial jobless claims data, due at 1230 GMT.

Gold price hits fresh record high of Rs261,000 per tola in Pakistan

Gold could receive another boost if the jobless data softens further after recent downward revisions to payroll figures, said City Index senior analyst Matt Simpson.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell for a second straight session on Wednesday.

Among other metals, spot silver shed 0.9% to $29.37 per ounce, platinum fell 0.41% to $959.76 and palladium was down 0.3% at $948.55.

Comments

Comments are closed.