AGL 38.20 Increased By ▲ 0.05 (0.13%)
AIRLINK 129.30 Increased By ▲ 4.23 (3.38%)
BOP 7.85 Increased By ▲ 1.00 (14.6%)
CNERGY 4.66 Increased By ▲ 0.21 (4.72%)
DCL 8.35 Increased By ▲ 0.44 (5.56%)
DFML 38.86 Increased By ▲ 1.52 (4.07%)
DGKC 82.20 Increased By ▲ 4.43 (5.7%)
FCCL 33.64 Increased By ▲ 3.06 (10.01%)
FFBL 75.75 Increased By ▲ 6.89 (10.01%)
FFL 12.83 Increased By ▲ 0.97 (8.18%)
HUBC 110.72 Increased By ▲ 6.22 (5.95%)
HUMNL 14.03 Increased By ▲ 0.54 (4%)
KEL 5.22 Increased By ▲ 0.57 (12.26%)
KOSM 7.69 Increased By ▲ 0.52 (7.25%)
MLCF 40.08 Increased By ▲ 3.64 (9.99%)
NBP 72.51 Increased By ▲ 6.59 (10%)
OGDC 189.18 Increased By ▲ 9.65 (5.38%)
PAEL 25.74 Increased By ▲ 1.31 (5.36%)
PIBTL 7.38 Increased By ▲ 0.23 (3.22%)
PPL 153.45 Increased By ▲ 9.75 (6.78%)
PRL 25.52 Increased By ▲ 1.20 (4.93%)
PTC 17.92 Increased By ▲ 1.52 (9.27%)
SEARL 82.50 Increased By ▲ 3.93 (5%)
TELE 7.63 Increased By ▲ 0.41 (5.68%)
TOMCL 32.50 Increased By ▲ 0.53 (1.66%)
TPLP 8.48 Increased By ▲ 0.35 (4.31%)
TREET 16.74 Increased By ▲ 0.61 (3.78%)
TRG 56.01 Increased By ▲ 1.35 (2.47%)
UNITY 28.85 Increased By ▲ 1.35 (4.91%)
WTL 1.34 Increased By ▲ 0.05 (3.88%)
BR100 10,659 Increased By 569.2 (5.64%)
BR30 31,331 Increased By 1822.5 (6.18%)
KSE100 99,269 Increased By 4695.1 (4.96%)
KSE30 31,032 Increased By 1587.6 (5.39%)

Gold clawed higher on Thursday, propelled by a weaker dollar, short-covering and physical buying in Asia. Worries about new US trade tariffs on China cast a cloud over the market, however. "We're seeing a little bit of a relief rally for the precious metals," said Chris Gaffney, president of world markets at TIAA Bank.
The relief bounce and gold's strong oversold conditions are leading some investors to short-cover, said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan. "The bottom is very close because I think the US dollar is close to reaching the top, together with the peak of the US economy," he said.
Spot gold gained 0.3 percent at $1,199.68 per ounce by 1:54 p.m. EDT (1754 GMT), after rising 0.5 percent in the previous session. US gold futures futures for December delivery settled up $3, or 0.3 percent, at $1,204.30 per ounce. Gold has tumbled more than 12 percent from a peak of $1,365.23 in April. The price levels have recently sparked a lot of physical buying, not just in active gold-buying countries like India and China but also in Southeast Asia for investment purposes, traders and analysts said.
India's gold imports more than doubled in August to their highest level in 15 months as lower prices prompted manufacturers to replenish inventory. Spot silver lost percent at $14.14 per ounce. The metal hit an over 2-1/2-year low at $13.97 early this week. Platinum climbed 1 percent to $790.90 per ounce while palladium rose 0.1 percent at $973.50.

Copyright Reuters, 2018

Comments

Comments are closed.