AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 131.22 Increased By ▲ 2.16 (1.67%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.47 Increased By ▲ 0.65 (1.59%)
DGKC 82.09 Increased By ▲ 1.13 (1.4%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 72.87 Decreased By ▼ -1.56 (-2.1%)
FFL 12.26 Increased By ▲ 0.52 (4.43%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.19 Decreased By ▼ -0.12 (-2.26%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 64.01 Increased By ▲ 0.50 (0.79%)
OGDC 192.82 Decreased By ▼ -1.87 (-0.96%)
PAEL 25.68 Decreased By ▼ -0.03 (-0.12%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 154.07 Decreased By ▼ -1.38 (-0.89%)
PRL 25.83 Increased By ▲ 0.04 (0.16%)
PTC 17.81 Increased By ▲ 0.31 (1.77%)
SEARL 82.30 Increased By ▲ 3.65 (4.64%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.46 Decreased By ▼ -0.27 (-0.8%)
TPLP 8.49 Increased By ▲ 0.09 (1.07%)
TREET 16.62 Increased By ▲ 0.35 (2.15%)
TRG 57.40 Decreased By ▼ -0.82 (-1.41%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,504 Increased By 59.3 (0.57%)
BR30 31,226 Increased By 36.9 (0.12%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)

Gold futures fell early Tuesday, correcting from Monday's rally, as a firm dollar and shaky crude oil prices gave longs an excuse to pocket profits and wait for better levels to buy the precious metal again.
"We could dip several dollars and still have this general bull move remain quite intact," said James Steel, senior analyst at HSBC. "We have a weaker oil price today, commodities as a whole are down a little bit. The move yesterday appeared to be largely technical in nature, so I'm not surprised to see some profit taking."
At 9:40 am EST (1440 GMT), December gold at the COMEX division of the New York Mercantile Exchange was $4.30 lower at $603.10 an ounce. It traded between $600.50 and $607.50, after spiking to a seven-week high on Monday at $613.20.
On Monday, investors mostly shrugged off lower crude oil prices and bought gold on worries about slow economic growth in the United States and a weaker dollar.
The December contract closed up $6.40 at $607.40, after earlier being propelled above technical resistance at $608 by buy orders to cover shorts and establish new long positions. The move cleared the long-term declining trendlines that had capped gold rallies last week.
The market was more confident that the lows for the bear market since December gold peaked at $735 in May were put in at $557.10 on June 14 and $563.50 on October 4.
Spot gold bullion was trading at $603.40/4.30, off from the Monday close at $604.00/5.00. Bullion dealers fixed London's morning spot reference price at $600.90 an ounce.
December silver was down 9 cents at $12.16 an ounce, trading from $12.22 to $11.98. Spot silver rose to $12.08/15 from $12.06/13 an ounce. The fix was at $12.08. NYMEX January platinum eased $11.20 to $1,082 per ounce. Spot platinum was priced at $1,073/1,078. December palladium was $7 lower at $321.75 an ounce. Spot palladium fetched $314/319 an ounce.

Copyright Reuters, 2006

Comments

Comments are closed.