AIRLINK 180.90 Increased By ▲ 7.11 (4.09%)
BOP 11.22 Decreased By ▼ -0.14 (-1.23%)
CNERGY 8.46 Decreased By ▼ -0.18 (-2.08%)
CPHL 100.25 Decreased By ▼ -1.39 (-1.37%)
FCCL 45.74 Decreased By ▼ -1.20 (-2.56%)
FFL 15.92 Increased By ▲ 0.53 (3.44%)
FLYNG 27.86 Increased By ▲ 0.07 (0.25%)
HUBC 142.21 Decreased By ▼ -1.54 (-1.07%)
HUMNL 13.00 Increased By ▲ 0.01 (0.08%)
KEL 4.51 Decreased By ▼ -0.01 (-0.22%)
KOSM 5.85 Increased By ▲ 0.09 (1.56%)
MLCF 61.65 Decreased By ▼ -0.68 (-1.09%)
OGDC 213.35 Increased By ▲ 1.33 (0.63%)
PACE 5.97 Increased By ▲ 0.50 (9.14%)
PAEL 46.75 Decreased By ▼ -0.32 (-0.68%)
PIAHCLA 17.87 Decreased By ▼ -0.21 (-1.16%)
PIBTL 10.61 Decreased By ▼ -0.25 (-2.3%)
POWER 12.24 Decreased By ▼ -0.02 (-0.16%)
PPL 172.25 Increased By ▲ 0.97 (0.57%)
PRL 35.98 Increased By ▲ 0.10 (0.28%)
PTC 23.20 Decreased By ▼ -0.16 (-0.68%)
SEARL 95.95 Decreased By ▼ -1.01 (-1.04%)
SSGC 41.10 Decreased By ▼ -0.61 (-1.46%)
SYM 14.42 Increased By ▲ 0.27 (1.91%)
TELE 7.36 Increased By ▲ 0.26 (3.66%)
TPLP 10.08 Increased By ▲ 0.12 (1.2%)
TRG 67.65 Increased By ▲ 3.76 (5.89%)
WAVESAPP 10.00 Decreased By ▼ -0.02 (-0.2%)
WTL 1.34 Increased By ▲ 0.01 (0.75%)
YOUW 3.80 Increased By ▲ 0.08 (2.15%)
BR100 12,463 Increased By 16 (0.13%)
BR30 37,926 Increased By 6.5 (0.02%)
KSE100 116,776 Increased By 385.5 (0.33%)
KSE30 35,849 Increased By 153 (0.43%)

NEW YORK: Gold prices rebounded and looked set to scale a fresh peak on Thursday, on mounting expectations for another US interest rate cut this year, while investors awaited Federal Reserve Chair Jerome Powell’s address later today for more policy cues.

Spot gold climbed 0.4% to $2,668.05 per ounce, as of 0913 GMT, a few dollars away from the record $2,670.43 it hit on Wednesday. US gold futures were up 0.2% to $2,691.20.

“Gold price strength is feeding on itself just now. That’s to say momentum is driving speculative flows despite a rising US dollar and Treasury yields,” said independent analyst Ross Norman. “Powell’s comments will be observed for indications about the depth of further cuts. But really it’s a case of when, not if.”

Last week, the Fed trimmed the benchmark policy rate by 50 basis points to 4.75%-5.00%. Traders now see a 62% chance of an additional 50 bps reduction in November, according to the CME FedWatch Tool. Lower interest rates boost non-yielding gold’s appeal. Powell is set to give opening remarks later in the day at a conference, where New York Fed President John Williams and Fed Vice Chair for Supervision Michael Barr will also speak.

Markets will also scan the US jobless claims data on Thursday and the core personal consumption expenditure index - the Fed’s preferred inflation indicator - on Friday. Bullion has risen more than 29% so far in 2024, hitting record highs several times, fuelled by the US rate cuts, safe-haven demand due to geopolitical and economic uncertainty and robust central bank buying.

Comments

Comments are closed.