AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)
Markets

Gold climbs as investors await concrete signals on trade, Brexit

Gold will be find support around $1,480 in the short term and face resistance at $1,540. U.S. gold futures ros
Published October 11, 2019
  • Gold will be find support around $1,480 in the short term and face resistance at $1,540.
  • U.S. gold futures rose 0.1pc to $1,502.30.

Gold prices climbed on Friday, settling into a narrow range, as investors awaited more clarity on global uncertainties including trade and Brexit, helping the metal shake off initial declines driven by hopes for a breakthrough in the U.S.-China talks.

Palladium, meanwhile, gained 0.2pc to $1,703.44 an ounce as of 0638 GMT and held close to Thursday's all-time peak of $1,704.59, putting it on track for an about 2pc weekly gain.

The autocatalyst metal was also set to climb for a fourth straight session.

Spot gold inched 0.3pc higher to $1,499.15 per ounce, but slipped about 0.3pc in the week. U.S. gold futures rose 0.1pc to $1,502.30.

"We have news that is positive in terms of trade talks, but no actual resolution yet. The market is still a little sceptical," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

"A few things are still hanging, including a no-deal Brexit. Time is ticking but not much progress is happening. The (situation in) Hong Kong is also not resolved."

Equity markets gained after U.S. President Donald Trump said he would meet with China's top trade negotiator, while a White House official said the first day of talks had gone "probably better than expected."

While the two sides could reach some sort of agreements on aspects such as currencies and copyright protections, they were not expected to address the most contentious issues.

The dollar, which has emerged as an alternative safe-haven during the trade war, was a shade weaker versus its rivals , helping drive gold prices higher.

With just three weeks to go before the UK is due to leave the European Union, lack of clarity on the terms or indeed whether it will leave at all also kept investors on the edge.

Adding to the global uncertainty was the attack on an Iranian-owned oil tanker on Friday.

The vessel was struck by two missiles off the Saudi port of Jeddah, Iranian state television reported.

Investors will also keep a close eye on any cues from the U.S. Federal Reserve, with data on Thursday showing U.S. consumer prices were unchanged in September while underlying inflation retreated, supporting expectations the central bank will cut interest rates in October.

"Prices are on the downside, going away from core fundamentals and reacting to sentiments. When markets move sentimentally, you can expect a wild swing in prices," said Vandana Bharti, assistant vice-president of commodity research at SMC Comtrade.

Gold will be find support around $1,480 in the short term and face resistance at $1,540, she added.

In other metals, platinum rose 0.4pc to $903.24 an ounce, while silver rose 1pc to $17.66.

Comments

Comments are closed.