AGL 40.06 Increased By ▲ 0.06 (0.15%)
AIRLINK 130.61 Increased By ▲ 1.08 (0.83%)
BOP 6.80 Increased By ▲ 0.12 (1.8%)
CNERGY 4.62 Decreased By ▼ -0.01 (-0.22%)
DCL 9.05 Increased By ▲ 0.11 (1.23%)
DFML 43.33 Increased By ▲ 1.64 (3.93%)
DGKC 84.24 Increased By ▲ 0.47 (0.56%)
FCCL 33.00 Increased By ▲ 0.23 (0.7%)
FFBL 79.00 Increased By ▲ 3.53 (4.68%)
FFL 11.68 Increased By ▲ 0.21 (1.83%)
HUBC 110.76 Increased By ▲ 0.21 (0.19%)
HUMNL 14.70 Increased By ▲ 0.14 (0.96%)
KEL 5.42 Increased By ▲ 0.03 (0.56%)
KOSM 8.30 Decreased By ▼ -0.10 (-1.19%)
MLCF 39.85 Increased By ▲ 0.06 (0.15%)
NBP 60.90 Increased By ▲ 0.61 (1.01%)
OGDC 199.00 Decreased By ▼ -0.66 (-0.33%)
PAEL 26.80 Increased By ▲ 0.15 (0.56%)
PIBTL 7.82 Increased By ▲ 0.16 (2.09%)
PPL 160.00 Increased By ▲ 2.08 (1.32%)
PRL 26.85 Increased By ▲ 0.12 (0.45%)
PTC 18.45 Decreased By ▼ -0.01 (-0.05%)
SEARL 83.20 Increased By ▲ 0.76 (0.92%)
TELE 8.21 Decreased By ▼ -0.10 (-1.2%)
TOMCL 34.46 Decreased By ▼ -0.05 (-0.14%)
TPLP 9.06 No Change ▼ 0.00 (0%)
TREET 17.02 Decreased By ▼ -0.45 (-2.58%)
TRG 60.00 Decreased By ▼ -1.32 (-2.15%)
UNITY 27.55 Increased By ▲ 0.12 (0.44%)
WTL 1.44 Increased By ▲ 0.06 (4.35%)
BR100 10,540 Increased By 133.8 (1.29%)
BR30 31,923 Increased By 209.9 (0.66%)
KSE100 98,370 Increased By 1041.4 (1.07%)
KSE30 30,604 Increased By 411.8 (1.36%)

Gold prices held steady on Monday as expectations that the US Federal Reserve will pause its multi-year interest rate hike cycle were offset by improving risk appetite. Spot gold was up 0.1 percent at $1,282.80 per ounce by 0748 GMT, while US gold futures were steady at $1,282.10 an ounce.
"Dovish signals (from the Fed) have kept dollar strength in check, helping gold. But on the other hand, we have seen them easing bearish sentiments in equity markets," said Benjamin Lu, analyst at Phillip Futures, Singapore.
Less than two weeks ahead of the US central bank's first policy meeting of the new year, Federal Reserve officials have left little doubt that they want to stop raising interest rates - at least for a while.
Slower global growth, a stock meltdown last quarter, and a partial US government shutdown that threatens consumer confidence and spending have many in the Fed worried.
"We have seen very positive conditions in US equities and the dollar has also seen a series of positive trades. All these competing influences have capped the safe-haven appeal," Lu said, adding that gold was facing strong technical resistance at $1,300 levels.
Gold has risen more than 10 percent since touching 1-1/2-year lows in mid-August, mainly due to tumultuous equity markets and a softer dollar.
Investors are also waiting to hear British Prime Minister Theresa May's 'Plan B' for Brexit, which is due to be presented to parliament later on Monday, after her deal was rejected by lawmakers last week.
"Front end volumes have firmed with the recent move lower in spot and participants are looking to play on the long-side amid a number of global risks," MKS PAMP Group said in a note.
Reflecting investor appetite for gold, holdings of SPDR Gold , the largest gold based exchange traded fund, rose 1.5 percent on Friday to 809.76 tonnes.
Spot gold may break a support at $1,279 per ounce and fall to the next support at $1,268, according to Reuters technical analyst Wang Tao.

Copyright Reuters, 2019

Comments

Comments are closed.