AIRLINK 170.57 Decreased By ▼ -2.58 (-1.49%)
BOP 11.18 Increased By ▲ 0.53 (4.98%)
CNERGY 8.41 Decreased By ▼ -0.11 (-1.29%)
CPHL 99.73 Increased By ▲ 2.27 (2.33%)
FCCL 46.60 Decreased By ▼ -0.65 (-1.38%)
FFL 15.15 Decreased By ▼ -0.27 (-1.75%)
FLYNG 27.55 Decreased By ▼ -0.58 (-2.06%)
HUBC 137.78 Decreased By ▼ -1.13 (-0.81%)
HUMNL 12.92 Increased By ▲ 0.11 (0.86%)
KEL 4.54 No Change ▼ 0.00 (0%)
KOSM 5.36 Decreased By ▼ -0.19 (-3.42%)
MLCF 62.40 Increased By ▲ 0.14 (0.22%)
OGDC 212.16 Decreased By ▼ -2.59 (-1.21%)
PACE 5.42 Decreased By ▼ -0.13 (-2.34%)
PAEL 47.18 Increased By ▲ 2.32 (5.17%)
PIAHCLA 18.48 Decreased By ▼ -0.22 (-1.18%)
PIBTL 10.36 Decreased By ▼ -0.38 (-3.54%)
POWER 12.33 Increased By ▲ 0.07 (0.57%)
PPL 169.60 Decreased By ▼ -4.27 (-2.46%)
PRL 35.85 Decreased By ▼ -0.37 (-1.02%)
PTC 23.09 Decreased By ▼ -0.47 (-1.99%)
SEARL 96.26 Increased By ▲ 0.95 (1%)
SSGC 39.52 Increased By ▲ 0.39 (1%)
SYM 13.84 Decreased By ▼ -0.18 (-1.28%)
TELE 7.15 Decreased By ▼ -0.08 (-1.11%)
TPLP 10.03 Decreased By ▼ -0.26 (-2.53%)
TRG 63.48 Decreased By ▼ -1.20 (-1.86%)
WAVESAPP 9.99 Decreased By ▼ -0.05 (-0.5%)
WTL 1.31 Decreased By ▼ -0.02 (-1.5%)
YOUW 3.66 Decreased By ▼ -0.04 (-1.08%)
BR100 12,305 Decreased By -186.6 (-1.49%)
BR30 37,415 Decreased By -278.7 (-0.74%)
KSE100 114,853 Decreased By -1335.9 (-1.15%)
KSE30 35,217 Decreased By -533.1 (-1.49%)

NEW YORK: Gold prices fell on Thursday as US economic data tempered expectations of an aggressive rate cut in November, while investors awaited the upcoming payrolls report for more clarity on the Federal Reserve’s monetary policy easing plans.

Spot gold was down 0.5% at $2,645.38 per ounce by 1125 GMT, after hitting a record high of $2,685.42 last week. US gold futures shed 0.2% to $2,665.70.

US private payrolls increased more than expected in September, evidence that labor market conditions were not deteriorating, according to data on Wednesday.

Richmond Federal Reserve President Thomas Barkin said the fight to return inflation to the central bank’s 2% target may take longer than expected and limit how much rates can be cut. Bets of a 50-basis-point rate cut in November fell to 34% from 49% last week, according to the CME FedWatch tool.

Meanwhile, Israel bombed Beirut on Thursday after its forces suffered their deadliest day on the Lebanese front in a year of clashes with Iran-backed Hezbollah. The strike comes a day after Iran fired more than 180 ballistic missiles at Israel.

“While there was some safe-haven buying following the announcement of the Iranian attack, the possibility that (US) rate cuts might not be as aggressive as anticipated likely limited the gains and continue to do so,” said Zain Vawda, market analyst at MarketPulse by OANDA. Non-yielding bullion is a preferred investment amid a low-interest rate environment as well as during times of geopolitical unrest. Market focus is now on the US non-farm payrolls report on Friday.

“A weak data print or uptick in unemployment could extend the upper end of the range for gold toward $2,700.

It will all depend on how weak the data is and its impact on rate cut expectations,” said Vawda. Spot silver fell 1.3% to $31.46, platinum dropped 1.7% to $985.25 and palladium slipped 2.2% to $991.79.

Comments

Comments are closed.