AGL 38.14 Increased By ▲ 0.12 (0.32%)
AIRLINK 211.99 Increased By ▲ 14.63 (7.41%)
BOP 9.81 Increased By ▲ 0.27 (2.83%)
CNERGY 6.47 Increased By ▲ 0.56 (9.48%)
DCL 9.18 Increased By ▲ 0.36 (4.08%)
DFML 38.10 Increased By ▲ 2.36 (6.6%)
DGKC 100.98 Increased By ▲ 4.12 (4.25%)
FCCL 35.98 Increased By ▲ 0.73 (2.07%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 14.49 Increased By ▲ 1.32 (10.02%)
HUBC 134.00 Increased By ▲ 6.45 (5.06%)
HUMNL 13.70 Increased By ▲ 0.20 (1.48%)
KEL 5.66 Increased By ▲ 0.34 (6.39%)
KOSM 7.24 Increased By ▲ 0.24 (3.43%)
MLCF 45.45 Increased By ▲ 0.75 (1.68%)
NBP 61.50 Increased By ▲ 0.08 (0.13%)
OGDC 232.00 Increased By ▲ 17.33 (8.07%)
PAEL 40.90 Increased By ▲ 2.11 (5.44%)
PIBTL 8.55 Increased By ▲ 0.30 (3.64%)
PPL 203.75 Increased By ▲ 10.67 (5.53%)
PRL 40.00 Increased By ▲ 1.34 (3.47%)
PTC 27.70 Increased By ▲ 1.90 (7.36%)
SEARL 108.25 Increased By ▲ 4.65 (4.49%)
TELE 8.70 Increased By ▲ 0.40 (4.82%)
TOMCL 36.21 Increased By ▲ 1.21 (3.46%)
TPLP 13.89 Increased By ▲ 0.59 (4.44%)
TREET 24.38 Increased By ▲ 2.22 (10.02%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 34.49 Increased By ▲ 1.52 (4.61%)
WTL 1.73 Increased By ▲ 0.13 (8.13%)
BR100 12,231 Increased By 504.7 (4.3%)
BR30 38,263 Increased By 1885.9 (5.18%)
KSE100 113,936 Increased By 4423.1 (4.04%)
KSE30 36,060 Increased By 1547.1 (4.48%)

Soaring oil prices and a slumping dollar sent US gold futures to a five-week high early on Thursday, as the precious metal's recent rally led to a sharp inflow into the largest bullion exchange-traded fund.
At 10:34 am EDT (1434 GMT), most-active gold for August delivery on the COMEX division of the New York Mercantile Exchange jumped $8.10, or 1.2 percent, to $670.20 an ounce. Earlier, it surged to a session-peak of $671, the loftiest level since June 7. It hit a session low of $661.80.
Leonard Kaplan, president of Prospector Asset Management, said gold's strength was related to the fact that oil prices were "screaming up." Kaplan said gold's rally on Thursday looked very strong. US oil futures rose 96 cents, or 1.3 percent, to $73.52 a barrel, helped by increased flows of fund money. Gold is seen as a hedge against oil-led inflation.
Gold futures have soared nearly $20, or 3 percent, from last Thursday's close of $650.60. Bullion's rise prompted investors to increase holdings in StreetTRACKS Gold Shares, the No 1 gold ETF.
Most recent data showed bullion held by StreetTRACKS increased to 481.15 tonnes, sharply higher than 464.22 tonnes reported last Thursday. The dollar dropped to a record low against the euro as troubles in the US mortgage and credit markets continued to dampen the currency's appeal.
In mining news, South Africa's Solidarity Union agreed to call off a strike by its metal and engineering workers as it entered its third day on Wednesday, after employers raised their wage offer.
South Africa accounts for around 12 percent of the world's gold output and is by far the biggest producer of platinum. Spot gold was quoted at $667.80/668.40 an ounce, sharply higher than $660.30/660.90 late Wednesday. The London afternoon gold fix was at $667.25 an ounce.
NYMEX October platinum gained $11.90 to $1,328 an ounce. Spot platinum fetched $1,312/1,319 an ounce. September palladium edged up 95 cents to $372.40 an ounce. Spot palladium was quoted at $367.40/371.40 an ounce.
COMEX September silver jumped 20.0 cents, or 1.5 percent, at $13.175 an ounce, trading between $12.955 and $13.190. Spot silver was quoted at $13.05/13.08 an ounce, compared with $12.87/12.90 late Wednesday. London silver was fixed at $12.950 an ounce.

Copyright Reuters, 2007

Comments

Comments are closed.