AGL 37.99 Decreased By ▼ -0.16 (-0.42%)
AIRLINK 121.40 Decreased By ▼ -0.11 (-0.09%)
BOP 5.76 Decreased By ▼ -0.09 (-1.54%)
CNERGY 3.71 Decreased By ▼ -0.04 (-1.07%)
DCL 8.28 Decreased By ▼ -0.12 (-1.43%)
DFML 41.12 Increased By ▲ 0.23 (0.56%)
DGKC 84.89 Increased By ▲ 0.29 (0.34%)
FCCL 32.75 Increased By ▲ 0.05 (0.15%)
FFBL 65.83 Increased By ▲ 0.33 (0.5%)
FFL 9.89 Decreased By ▼ -0.16 (-1.59%)
HUBC 103.75 Decreased By ▼ -0.05 (-0.05%)
HUMNL 13.25 No Change ▼ 0.00 (0%)
KEL 4.45 Increased By ▲ 0.02 (0.45%)
KOSM 7.13 Increased By ▲ 0.04 (0.56%)
MLCF 37.60 Increased By ▲ 0.10 (0.27%)
NBP 60.54 Increased By ▲ 0.29 (0.48%)
OGDC 172.88 Increased By ▲ 0.63 (0.37%)
PAEL 24.79 Decreased By ▼ -0.01 (-0.04%)
PIBTL 5.67 Decreased By ▼ -0.03 (-0.53%)
PPL 143.00 Increased By ▲ 1.31 (0.92%)
PRL 22.70 Decreased By ▼ -0.02 (-0.09%)
PTC 14.57 Decreased By ▼ -0.17 (-1.15%)
SEARL 65.12 Increased By ▲ 0.56 (0.87%)
TELE 7.00 Decreased By ▼ -0.14 (-1.96%)
TOMCL 35.65 Increased By ▲ 0.15 (0.42%)
TPLP 7.33 Increased By ▲ 0.04 (0.55%)
TREET 14.20 No Change ▼ 0.00 (0%)
TRG 51.00 Decreased By ▼ -0.75 (-1.45%)
UNITY 26.35 Decreased By ▼ -0.25 (-0.94%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,509 Increased By 26.4 (0.28%)
BR30 28,469 Increased By 98.2 (0.35%)
KSE100 89,178 Increased By 211.1 (0.24%)
KSE30 27,777 Decreased By -49.8 (-0.18%)

Gold rose on Monday, breaking ranks with sharply lower equities and crude oil markets on signs of a worsening euro zone debt crisis as Spain formally requested a financial rescue. The metal spiked higher after sticking to a range in early trading.
Investors sought refuge in gold as Germany dashed any hope that Europe would issue common euro zone bonds to underpin its single currency after Spain formally applied for bailout loans to capitalise its banks. Cyprus' request for a EU rescue also boosted bullion buying.
Gold's rally was particularly impressive on a day when Wall Street dropped nearly 2 percent and crude oil prices slid. Trading volume in the metal, however, was light due to jitters ahead of a European Union summit later this week. "It's obviously a flight to quality, and gold is trading like a currency instead of a commodity. Until gold breaks out of this trading range, I suspect volume is going to remain tepid," said James Dailey, portfolio manager of TEAM Financial Asset Management.
Spot gold was up 0.7 percent at $1,582.89 an ounce by 12:37 pm EDT (1637 GMT). Last week, the metal posted a 3.5 percent decline on deflation worries and a lack of aggressive Federal Reserve stimulus. US gold futures for August delivery gained $17 an ounce to $1,583.90.

Copyright Reuters, 2012

Comments

Comments are closed.