AIRLINK 173.15 Increased By ▲ 15.74 (10%)
BOP 10.65 Increased By ▲ 0.28 (2.7%)
CNERGY 8.52 Increased By ▲ 0.20 (2.4%)
CPHL 97.46 Increased By ▲ 4.57 (4.92%)
FCCL 47.25 Increased By ▲ 0.52 (1.11%)
FFL 15.42 Increased By ▲ 0.54 (3.63%)
FLYNG 28.13 Increased By ▲ 1.15 (4.26%)
HUBC 138.91 Increased By ▲ 4.90 (3.66%)
HUMNL 12.81 Increased By ▲ 0.29 (2.32%)
KEL 4.54 Increased By ▲ 0.33 (7.84%)
KOSM 5.55 Increased By ▲ 0.16 (2.97%)
MLCF 62.26 Increased By ▲ 1.38 (2.27%)
OGDC 214.75 Increased By ▲ 6.23 (2.99%)
PACE 5.55 Increased By ▲ 0.15 (2.78%)
PAEL 44.86 Increased By ▲ 4.08 (10%)
PIAHCLA 18.70 Decreased By ▼ -0.10 (-0.53%)
PIBTL 10.74 Increased By ▲ 0.76 (7.62%)
POWER 12.26 Increased By ▲ 0.30 (2.51%)
PPL 173.87 Increased By ▲ 5.10 (3.02%)
PRL 36.22 Increased By ▲ 1.19 (3.4%)
PTC 23.56 Increased By ▲ 0.57 (2.48%)
SEARL 95.31 Increased By ▲ 2.21 (2.37%)
SSGC 39.13 Increased By ▲ 3.56 (10.01%)
SYM 14.02 Increased By ▲ 0.36 (2.64%)
TELE 7.23 Increased By ▲ 0.28 (4.03%)
TPLP 10.29 Increased By ▲ 0.29 (2.9%)
TRG 64.68 Increased By ▲ 4.01 (6.61%)
WAVESAPP 10.04 Increased By ▲ 0.34 (3.51%)
WTL 1.33 Increased By ▲ 0.03 (2.31%)
YOUW 3.70 Increased By ▲ 0.05 (1.37%)
BR100 12,492 Increased By 252.4 (2.06%)
BR30 37,694 Increased By 1300.9 (3.57%)
KSE100 116,189 Increased By 2036.1 (1.78%)
KSE30 35,750 Increased By 549.8 (1.56%)

LONDON: Gold prices fell on Friday as some investors booked profit after a recent rally that pushed bullion to a record high, although ongoing tensions in the Middle East helped limit the decline. Spot gold eased 0.4% to $2,724.50 per ounce by 1159 GMT.

Prices had hit an all-time high of $2,758.37 on Wednesday. US Secretary of State Antony Blinken said on Friday there was a real sense of urgency in getting to a diplomatic resolution to end the conflict in Lebanon between Israel and Hezbollah, while calling for the protection of civilians.

Approaching US Nov. 5 presidential election, for which opinion polls show the race to the White House remains tight, are focusing attention on the economic, financial and geopolitical risks ahead.

Next week, investors in non-yielding gold will be focused on the US inflation and economic growth data for clues about the health of the economy which may increase volatility in precious metals, said Adrian Ash, head of research at BullionVault.

“But going into the knife-edge election, any dips in gold are being bought and remain shallow,” he added. Spot gold is up 32% so far this year.

According to LSEG Workspace data, this is going to be gold’s largest annual growth since 1979 if it stays near these levels.

The precious metal’s rally has, however, dented demand in the price-sensitive Asian physical markets with discounts rising in China and consumers in India buying less in volume terms.

Gold climbs on safety rush

Meanwhile, spot palladium touched $1,168 per ounce, hitting its ten-month high for the second consecutive day, amid concerns about exports from Russia, where Nornickel’s production accounts for 40% of global mined output.

It was last up 0.2% at $1,158.79.

Palladium rose 9% on Thursday after Bloomberg News reported that the US asked the Group of Seven allies to consider sanctions on Russian palladium and titanium, which triggered coverage of some short positions in palladium futures.

Spot silver, which hit a 12-year-high of $34.87 earlier this week, fell 1.4% to $33.23 per ounce. Platinum lost 1.6% to $1,009.43.

Comments

200 characters