AGL 40.30 Increased By ▲ 0.10 (0.25%)
AIRLINK 130.29 Increased By ▲ 1.18 (0.91%)
BOP 6.29 Decreased By ▼ -0.31 (-4.7%)
CNERGY 4.03 No Change ▼ 0.00 (0%)
DCL 8.85 Increased By ▲ 0.40 (4.73%)
DFML 42.74 Increased By ▲ 1.49 (3.61%)
DGKC 87.50 Increased By ▲ 0.50 (0.57%)
FCCL 33.78 Increased By ▲ 0.43 (1.29%)
FFBL 65.96 Increased By ▲ 0.06 (0.09%)
FFL 10.67 Increased By ▲ 0.13 (1.23%)
HUBC 113.85 Increased By ▲ 3.15 (2.85%)
HUMNL 16.09 Increased By ▲ 0.86 (5.65%)
KEL 4.80 Increased By ▲ 0.02 (0.42%)
KOSM 7.98 Increased By ▲ 0.15 (1.92%)
MLCF 42.09 Increased By ▲ 0.19 (0.45%)
NBP 61.10 Increased By ▲ 0.60 (0.99%)
OGDC 184.90 Increased By ▲ 2.10 (1.15%)
PAEL 25.60 Increased By ▲ 0.24 (0.95%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 146.60 Decreased By ▼ -1.21 (-0.82%)
PRL 24.59 Increased By ▲ 0.03 (0.12%)
PTC 16.48 Increased By ▲ 0.24 (1.48%)
SEARL 70.51 Increased By ▲ 0.01 (0.01%)
TELE 7.36 Increased By ▲ 0.06 (0.82%)
TOMCL 36.16 Decreased By ▼ -0.14 (-0.39%)
TPLP 8.15 Increased By ▲ 0.30 (3.82%)
TREET 16.00 Increased By ▲ 0.70 (4.58%)
TRG 51.40 Decreased By ▼ -0.30 (-0.58%)
UNITY 27.46 Increased By ▲ 0.11 (0.4%)
WTL 1.28 Increased By ▲ 0.05 (4.07%)
BR100 9,896 Increased By 54.4 (0.55%)
BR30 30,314 Increased By 277.4 (0.92%)
KSE100 93,019 Increased By 499 (0.54%)
KSE30 28,879 Increased By 92.5 (0.32%)

Gold prices were little changed after jumping to their highest in more than nine months on Friday as the dollar retreated on political uncertainty in the United States and a suspected Islamist militant attack in Spain boosted bullion's safe-haven appeal. Spain mounted a sweeping anti-terrorism operation on Friday after a suspected militant drove a van into crowds in Barcelona, killing 13 people in what police suspect was one of a planned wave of attacks.
Spot gold touched its highest since Nov. 9 at $1,300.80 per ounce, and was up 0.03 percent at $1,287.95 an ounce by 3:20 p.m. EDT (1920 GMT). Pressuring gold, however, was the latest high-level shake up at the White House. US President Donald Trump on Friday fired Stephen Bannon as his chief strategist, removing a powerful and controversial figure known for far-right political views.
US stocks rebounded in a volatile session on Friday, while the dollar cut losses and bond yields rose to session highs after the news. "The ouster of White House chief strategist Steve Bannon, who had been vilified perhaps more than anyone in the executive branch since Dick Cheney, put a tenuous floor on the stumbling stock market and blunted gold's charge above $1,300," said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York.
Markets were also uncertain about Trump's ability to push ahead with policies after the disbandment of two high-profile business advisory councils over his remarks on violence at a rally in Virginia last weekend. US gold futures for December delivery settled at $1,291.60. "The recent soft patch in US data has put serious doubts over whether there will be another rate hike coming from the Fed this year," said Fawad Razaqzada, analyst at FOREX.com.
Policymakers in Europe and the US expressed concerns about unwinding monetary stimulus too soon. Gold is sensitive to rising interest rates because they push up bond yields, increasing the opportunity cost of holding non-yielding bullion while tending to strengthen the dollar, in which gold is priced.
Spot gold faces resistance at $1,291 an ounce and could hover below this level or retrace towards support at $1,271 again, said Reuters technical analyst Wang Tao. Among other precious metals, silver climbed 0.2 percent to $17.03 an ounce, having touched a two-month high of $17.31. Platinum was up 0.7 percent at $979.60, while palladium touched a fresh 16-year high of $934 before giving back some gains to trade 0.3 percent lower at $923.35. Palladium notched its second straight week of gains.

Comments

Comments are closed.