AGL 40.40 Increased By ▲ 0.20 (0.5%)
AIRLINK 129.30 Increased By ▲ 0.19 (0.15%)
BOP 6.35 Decreased By ▼ -0.25 (-3.79%)
CNERGY 4.11 Increased By ▲ 0.08 (1.99%)
DCL 8.70 Increased By ▲ 0.25 (2.96%)
DFML 42.30 Increased By ▲ 1.05 (2.55%)
DGKC 88.15 Increased By ▲ 1.15 (1.32%)
FCCL 33.63 Increased By ▲ 0.28 (0.84%)
FFBL 66.00 Increased By ▲ 0.10 (0.15%)
FFL 10.72 Increased By ▲ 0.18 (1.71%)
HUBC 112.99 Increased By ▲ 2.29 (2.07%)
HUMNL 15.81 Increased By ▲ 0.58 (3.81%)
KEL 4.80 Increased By ▲ 0.02 (0.42%)
KOSM 7.94 Increased By ▲ 0.11 (1.4%)
MLCF 42.10 Increased By ▲ 0.20 (0.48%)
NBP 60.95 Increased By ▲ 0.45 (0.74%)
OGDC 189.85 Increased By ▲ 7.05 (3.86%)
PAEL 25.55 Increased By ▲ 0.19 (0.75%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 149.25 Increased By ▲ 1.44 (0.97%)
PRL 25.15 Increased By ▲ 0.59 (2.4%)
PTC 16.40 Increased By ▲ 0.16 (0.99%)
SEARL 70.64 Increased By ▲ 0.14 (0.2%)
TELE 7.36 Increased By ▲ 0.06 (0.82%)
TOMCL 36.14 Decreased By ▼ -0.16 (-0.44%)
TPLP 8.10 Increased By ▲ 0.25 (3.18%)
TREET 16.36 Increased By ▲ 1.06 (6.93%)
TRG 51.50 Decreased By ▼ -0.20 (-0.39%)
UNITY 27.31 Decreased By ▼ -0.04 (-0.15%)
WTL 1.28 Increased By ▲ 0.05 (4.07%)
BR100 9,932 Increased By 90.6 (0.92%)
BR30 30,482 Increased By 445.5 (1.48%)
KSE100 93,238 Increased By 717.9 (0.78%)
KSE30 28,971 Increased By 185 (0.64%)

Gold futures dropped on Tuesday, retreating from the previous session's sharp gains as stabilising US stocks decreased gold's value as a trusted safe haven, traders said. December gold was down $5.10 at $903.90 an ounce on the Comex division of the New York Mercantile Exchange at 10:42 am EDT (1442 GMT).
December traded in a wide range from $885.00 to $915.20. The notion of calming global stock markets after a massive US government rescue plan discouraged investors from buying gold, FC Stone commodity broker George Nickas said. Losses were limited in gold amid buying momentum after bullion holdings of the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, rose 30.2 tonnes, or 4.4 percent, to a record 709.62 tonnes.
Oil eased after Wednesday's solid gains due to expiration of the front-month contract and a weaker dollar. Profit-taking seen in gold on Tuesday as sharp oil rally in the previous session prematurely drew buyers into the bullion market, and gold looked expensive after recent fast-paced gains, Nickas added. Dollar rose against the euro and the yen after losing ground to major currencies in the previous session.
The value of the dollar will still be the major driver for gold in the near term, Nickas said. Comex estimated volume at 9:00 am at 59,972 lots, while options turnover was 3,069 contracts. Spot gold was quoted at $897.20/898.70 an ounce, down 0.3 percent from gold's nominal Monday close of $900.20.
December silver was down 4.5 cents at $13.405 an ounce, as silver followed gold's rally. Silver surged to a high of $13.750. Its low was $13.145 an ounce. Spot silver was at $13.32/13.40 an ounce, down 0.6 percent from Monday's nominal close of $13.40 an ounce.
Nymex October platinum was down $15.80, or 1.3 percent, at $1,220.00 an ounce due to broad-based commodity weakness. Spot platinum was at $1,207.50/1,227.50. December palladium was down $4.85, or 1.9 percent, at $250.90 an ounce. Spot palladium was at $253.00/261.00 an ounce.

Copyright Reuters, 2008

Comments

Comments are closed.