AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)

LONDON: Gold gained on a softer dollar on Thursday and as a mounting number of Covid-19 cases and their economic toll raised investor expectations of further fiscal and monetary support. Spot gold was up 0.5% at $1,813.50 per ounce by 1305 GMT. US gold futures were up 0.4% to $1,812.10.

The dollar index held close to near three-month lows, raising gold's appeal for other currency holders. Meanwhile, an extension of coronavirus restrictions in Germany and a weak growth forecast for Britain kept European shares flat. Trading was expected to be thinned by the US Thanksgiving holiday.

"We've had a relatively soft dollar and it hasn't given that much of a lift to gold during the decline. Now it's giving a little bit of a tailwind, giving it a lift back towards $1,860," said independent analyst Ross Norman.

"(Gold) has found its floor and there's some evidence of good buying at these lower levels. The lower price has stimulated good physical buying in the (Asian) markets."

US Federal Reserve policymakers discussed how the central bank's asset purchases could be adjusted to provide more support for markets, according to the minutes of its Nov. 4-5 meeting. Gold is considered a hedge against inflation likely to result from large stimulus.

"Persistently high numbers of new corona cases and extended lockdowns in many countries are increasing the need for further support in the form of monetary and fiscal policy. A vaccine will offer no quick-fix in that sense," said Commerzbank analyst Carsten Fritsch in a note.

"New stimulus measures are therefore likely to be set in motion in the near future, which should benefit gold. In this environment, gold is initially likely to trend sideways in a corridor of between $1,800 and $1,850."

Silver was up 0.3% to $23.37 an ounce, palladium rose 1.4% to $2,361.51, while platinum fell 0.4% to $959.62.

Comments

Comments are closed.