AIRLINK 180.36 Increased By ▲ 6.57 (3.78%)
BOP 11.17 Decreased By ▼ -0.19 (-1.67%)
CNERGY 8.53 Decreased By ▼ -0.11 (-1.27%)
CPHL 100.41 Decreased By ▼ -1.23 (-1.21%)
FCCL 45.96 Decreased By ▼ -0.98 (-2.09%)
FFL 15.81 Increased By ▲ 0.42 (2.73%)
FLYNG 27.89 Increased By ▲ 0.10 (0.36%)
HUBC 142.47 Decreased By ▼ -1.28 (-0.89%)
HUMNL 13.01 Increased By ▲ 0.02 (0.15%)
KEL 4.52 No Change ▼ 0.00 (0%)
KOSM 5.84 Increased By ▲ 0.08 (1.39%)
MLCF 61.90 Decreased By ▼ -0.43 (-0.69%)
OGDC 214.32 Increased By ▲ 2.30 (1.08%)
PACE 5.92 Increased By ▲ 0.45 (8.23%)
PAEL 46.83 Decreased By ▼ -0.24 (-0.51%)
PIAHCLA 17.84 Decreased By ▼ -0.24 (-1.33%)
PIBTL 10.62 Decreased By ▼ -0.24 (-2.21%)
POWER 12.17 Decreased By ▼ -0.09 (-0.73%)
PPL 172.71 Increased By ▲ 1.43 (0.83%)
PRL 36.02 Increased By ▲ 0.14 (0.39%)
PTC 23.26 Decreased By ▼ -0.10 (-0.43%)
SEARL 96.06 Decreased By ▼ -0.90 (-0.93%)
SSGC 41.34 Decreased By ▼ -0.37 (-0.89%)
SYM 14.44 Increased By ▲ 0.29 (2.05%)
TELE 7.38 Increased By ▲ 0.28 (3.94%)
TPLP 10.08 Increased By ▲ 0.12 (1.2%)
TRG 67.90 Increased By ▲ 4.01 (6.28%)
WAVESAPP 10.00 Decreased By ▼ -0.02 (-0.2%)
WTL 1.34 Increased By ▲ 0.01 (0.75%)
YOUW 3.81 Increased By ▲ 0.09 (2.42%)
BR100 12,481 Increased By 33.6 (0.27%)
BR30 38,008 Increased By 88.3 (0.23%)
KSE100 116,776 Increased By 385.5 (0.33%)
KSE30 35,849 Increased By 153 (0.43%)

Gold prices were steady on Friday as investors refrained from making big bets, with attention turning to the Federal Reserve’s upcoming decision on interest rates at next week’s meeting.

Gold price per tola gains Rs2,300 in Pakistan

Fundamentals

  • Spot gold held its ground at $2,681.55 per ounce, as of 0041 GMT. Bullion is poised for a weekly gain and has added nearly 2% so far this week.

  • US gold futures were down 0.1% at $2,705.40.

  • Gold prices slipped more than 1% on Thursday on profit-taking after they briefly hit a five-week high earlier in the session.

  • Traders’ attention is now on Fed’s decision on interest rates, and they see a 98.4% chance of a 25-basis-point cut, CME’s FedWatch Tool showed.

  • US producer prices rose more than expected in November amid a surge in the cost of food. Data on Wednesday showed that consumer prices increased by the most in seven months in November cementing bets of an interest rate cut at the Fed’s Dec. 17-18 meeting.

  • The bullion thrives in a low-interest-rate environment.

  • The European Central Bank cut interest rates for the fourth time this year and the Swiss National Bank cut its interest rate by 50 basis points, its biggest reduction in almost 10 years on Thursday.

  • SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.56% to 868.50 tons in the previous session from 873.38 tons on Wednesday.

  • Spot silver was flat at $30.94 per ounce, platinum shed 0.3% to $927.50 and palladium fell 0.5% to $965.22.

Comments

200 characters