AGL 42.00 Increased By ▲ 3.46 (8.98%)
AIRLINK 129.90 Increased By ▲ 0.40 (0.31%)
BOP 5.75 Increased By ▲ 0.14 (2.5%)
CNERGY 4.03 Increased By ▲ 0.17 (4.4%)
DCL 8.74 Increased By ▲ 0.01 (0.11%)
DFML 40.98 Decreased By ▼ -0.78 (-1.87%)
DGKC 88.88 Increased By ▲ 0.58 (0.66%)
FCCL 35.09 Increased By ▲ 0.09 (0.26%)
FFBL 66.55 Decreased By ▼ -0.80 (-1.19%)
FFL 10.77 Increased By ▲ 0.16 (1.51%)
HUBC 109.05 Increased By ▲ 0.29 (0.27%)
HUMNL 14.84 Increased By ▲ 0.18 (1.23%)
KEL 4.76 Increased By ▲ 0.01 (0.21%)
KOSM 7.27 Increased By ▲ 0.32 (4.6%)
MLCF 42.85 Increased By ▲ 1.20 (2.88%)
NBP 61.00 Increased By ▲ 1.40 (2.35%)
OGDC 180.00 Decreased By ▼ -3.00 (-1.64%)
PAEL 25.90 Decreased By ▼ -0.35 (-1.33%)
PIBTL 6.10 Increased By ▲ 0.13 (2.18%)
PPL 146.50 Decreased By ▼ -0.20 (-0.14%)
PRL 23.85 Increased By ▲ 0.24 (1.02%)
PTC 16.65 Increased By ▲ 0.09 (0.54%)
SEARL 71.68 Increased By ▲ 3.38 (4.95%)
TELE 7.30 Increased By ▲ 0.07 (0.97%)
TOMCL 36.54 Increased By ▲ 0.59 (1.64%)
TPLP 8.02 Increased By ▲ 0.17 (2.17%)
TREET 15.09 Increased By ▲ 0.89 (6.27%)
TRG 50.75 Increased By ▲ 0.30 (0.59%)
UNITY 27.41 Increased By ▲ 0.66 (2.47%)
WTL 1.25 Increased By ▲ 0.04 (3.31%)
BR100 9,867 Increased By 61.2 (0.62%)
BR30 29,807 Increased By 129.3 (0.44%)
KSE100 92,807 Increased By 502.8 (0.54%)
KSE30 28,946 Increased By 105.3 (0.37%)

Gold prices hit their highest in a week on Thursday, as the dollar was on the defensive after tumbling in the previous session following the US Federal Reserve's decision on interest rates. The Fed raised benchmark rates for the third time this year as widely expected, but maintained its outlook of three rate increases in 2018 on low inflation concerns.
The dollar nursed losses on Thursday after falling on sluggish US November inflation data and as the Fed kept its outlook on interest rates unchanged.
"The dollar is taking a softer turn here in Asia. We're seeing Shanghai come in and buying (gold)," a Hong Kong-based trader said. Spot gold was up 0.1 percent at $1,256.40 an ounce at 0728 GMT, after earlier touching its highest since December 7 at $1,259.11.
US gold futures were up 0.9 percent at $1,259.20. Meanwhile, the European Central Bank is expected to stand pat on monetary policy when it announces its decision on interest rates at a meeting later in the day.
"People factor too much hawkishness into these meetings and it disappoints a bit and that's kind of what happened ... the nervousness in the market helped gold," the trader said. "It's probably $1,245-$1,265 area for the moment, but I would expect us (gold) to be bought."
Spot gold may test resistance at $1,262 per ounce, a break above which could lead to a gain to the next resistance level at $1,276, said Reuters technicals analyst Wang Tao. In other precious metals, silver was down 0.1 percent at $16.04 an ounce, after hitting a five-month low of $15.59 in the previous session.
Platinum was unchanged at $884.65 an ounce. On Tuesday, it touched its lowest since February, 2016. Palladium was steady at $1,016.80 an ounce.

Comments

Comments are closed.