AIRLINK 191.54 Decreased By ▼ -21.28 (-10%)
BOP 10.23 Decreased By ▼ -0.02 (-0.2%)
CNERGY 6.69 Decreased By ▼ -0.31 (-4.43%)
FCCL 33.02 Decreased By ▼ -0.45 (-1.34%)
FFL 16.60 Decreased By ▼ -1.04 (-5.9%)
FLYNG 22.45 Increased By ▲ 0.63 (2.89%)
HUBC 126.60 Decreased By ▼ -2.51 (-1.94%)
HUMNL 13.83 Decreased By ▼ -0.03 (-0.22%)
KEL 4.79 Decreased By ▼ -0.07 (-1.44%)
KOSM 6.35 Decreased By ▼ -0.58 (-8.37%)
MLCF 42.10 Decreased By ▼ -1.53 (-3.51%)
OGDC 213.01 Increased By ▲ 0.06 (0.03%)
PACE 7.05 Decreased By ▼ -0.17 (-2.35%)
PAEL 40.30 Decreased By ▼ -0.87 (-2.11%)
PIAHCLA 16.85 Increased By ▲ 0.02 (0.12%)
PIBTL 8.25 Decreased By ▼ -0.38 (-4.4%)
POWER 8.85 Increased By ▲ 0.04 (0.45%)
PPL 182.89 Decreased By ▼ -0.14 (-0.08%)
PRL 38.10 Decreased By ▼ -1.53 (-3.86%)
PTC 23.90 Decreased By ▼ -0.83 (-3.36%)
SEARL 93.50 Decreased By ▼ -4.51 (-4.6%)
SILK 1.00 Decreased By ▼ -0.01 (-0.99%)
SSGC 39.85 Decreased By ▼ -1.88 (-4.51%)
SYM 18.44 Decreased By ▼ -0.42 (-2.23%)
TELE 8.66 Decreased By ▼ -0.34 (-3.78%)
TPLP 12.05 Decreased By ▼ -0.35 (-2.82%)
TRG 64.50 Decreased By ▼ -1.18 (-1.8%)
WAVESAPP 10.50 Decreased By ▼ -0.48 (-4.37%)
WTL 1.78 Decreased By ▼ -0.01 (-0.56%)
YOUW 3.96 Decreased By ▼ -0.07 (-1.74%)
BR100 11,697 Decreased By -168.8 (-1.42%)
BR30 35,252 Decreased By -445.3 (-1.25%)
KSE100 112,638 Decreased By -1510.2 (-1.32%)
KSE30 35,458 Decreased By -494 (-1.37%)

Comex gold closed lower in a shortened session on Friday, reversing gains as the dollar shook off a blow from news that the US international trade deficit ballooned in December despite a weak US currency.
The precious metal traded erratically, erasing an overnight loss as the euro rose after the Commerce Department said the trade gap widened some 11 percent to a near-record $42.5 billion, well above the $40 billion expected by economists.
But the dollar rebounded, undermining the bullion buying power of overseas investors, after the euro retested the record high it set last month.
April gold settled down $3.40 at $410.80 an ounce, trading up to $418, a one-month high before falling beneath its low to $407.10.
"If euro held up we would have held up," said James Pogoda, a vice president of precious metals at Mitsubishi International Corp. "From here I wouldn't throw in the towel on gold.
It was a chance to shake out some of the longs and I imagine we'll see some rebuilding of long positions." Spot gold went out at $409.85/0.55, down from $411.75/2.50 late on Thursday. London's late fix was $416.00.
Traders who sold into gold's rally the last two days were squeezed in the not wanting to be caught short at the close of business for the US Presidents Day holiday on Monday, when US financial markets will be closed.
"We're going into a three-day weekend and London is open on Monday.
So a lot of people that are short the market don't want to come on Tuesday and find higher prices," said Donald Tierney of Pell Brothers Futures.
Gold rallied on Wednesday and Thursday after Federal Reserve Chairman Alan Greenspan told US lawmakers the weak dollar could help narrow the yawning US current account deficit.
Even though he said interest rates could not stay at 45-year lows indefinitely with the economy expanding, he suggested there was no rush to tighten because inflation was tame.
This remained a background factor in the euro's rise to $1.2893 on Friday, just below last month's lifetime high at $1.2898.
It fixed at $6.5625 in London. Nymex April platinum slipped $1.70 to $845.60 an ounce.
Spot was last at $846.50/851.50. March palladium fell $4.15 to $244.20 an ounce.
Spot traded at $240.50/246.50.

Copyright Reuters, 2004

Comments

Comments are closed.