AGL 38.00 Decreased By ▼ -0.02 (-0.05%)
AIRLINK 206.87 Increased By ▲ 9.51 (4.82%)
BOP 9.62 Increased By ▲ 0.08 (0.84%)
CNERGY 6.03 Increased By ▲ 0.12 (2.03%)
DCL 9.00 Increased By ▲ 0.18 (2.04%)
DFML 37.13 Increased By ▲ 1.39 (3.89%)
DGKC 96.80 Decreased By ▼ -0.06 (-0.06%)
FCCL 35.65 Increased By ▲ 0.40 (1.13%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 13.48 Increased By ▲ 0.31 (2.35%)
HUBC 128.50 Increased By ▲ 0.95 (0.74%)
HUMNL 13.70 Increased By ▲ 0.20 (1.48%)
KEL 5.40 Increased By ▲ 0.08 (1.5%)
KOSM 7.09 Increased By ▲ 0.09 (1.29%)
MLCF 44.99 Increased By ▲ 0.29 (0.65%)
NBP 60.56 Decreased By ▼ -0.86 (-1.4%)
OGDC 216.50 Increased By ▲ 1.83 (0.85%)
PAEL 40.79 Increased By ▲ 2.00 (5.16%)
PIBTL 8.40 Increased By ▲ 0.15 (1.82%)
PPL 193.85 Increased By ▲ 0.77 (0.4%)
PRL 39.69 Increased By ▲ 1.03 (2.66%)
PTC 26.75 Increased By ▲ 0.95 (3.68%)
SEARL 107.20 Increased By ▲ 3.60 (3.47%)
TELE 8.50 Increased By ▲ 0.20 (2.41%)
TOMCL 36.22 Increased By ▲ 1.22 (3.49%)
TPLP 13.67 Increased By ▲ 0.37 (2.78%)
TREET 23.00 Increased By ▲ 0.84 (3.79%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 33.27 Increased By ▲ 0.30 (0.91%)
WTL 1.69 Increased By ▲ 0.09 (5.63%)
BR100 11,942 Increased By 215.3 (1.84%)
BR30 36,911 Increased By 534.7 (1.47%)
KSE100 112,010 Increased By 2497.1 (2.28%)
KSE30 35,290 Increased By 776.6 (2.25%)

US gold futures finished nearly 1 percent higher on Thursday on a weaker dollar, after touching a five-week peak, as the precious metal's recent rally led to a sharp inflow into the largest bullion exchange-traded fund.
Most-active gold for August delivery on the Comex division of the New York Mercantile Exchange settled up $6.20 at $668.30 an ounce. It surged to a session peak of $671, the loftiest level since June 7. It hit a low of $661.80. The dollar dropped to a record low against the euro as troubles in the US mortgage and credit markets continued to dampen the currency appeal.
"As long as the euro-dollar keeps making new highs, then we'll keep following it. We will keep going higher," Joseph Gizzard at Saibu Commodities said from the Comex trading floor.
Gizzard said that decent buying by funds in the week helped propel gold prices to the current levels, but he also cautioned that August futures could turn around in the next couple of days and could head below $660, if the dollar retraced its losses.
Gold futures have soared more than $20, or 3 percent, from last Thursday's close of $650.60. Bullion's rise prompted investors to increase holdings in streetcar's Gold Shares, the No 1 gold ETF. Most recent data showed bullion held by streetcar's increased to 481.15 tonnes, sharply higher than 464.22 tonnes reported last on Thursday.
US oil futures rose as much as $1 to $73.80 a barrels in trade, but they erased gains to end lower on Thursday. Jon Nadler, analyst at Kitco Bullion Dealers, said in a client note that even though crude oil futures had pulled back near the end of the session, a weaker dollar against major currencies left enough steam for gold to hold its ground.
Comex estimated final volume at a modest 116,234 lots, and gold options at 5,559. Turnover at Chicago Board of Trade's electronic 100-oz gold futures was 23,271 lots at 2:01 pm.
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.
But the larger National Union of Metal Workers said it had not yet decided to end its participation in the strike, which has involved around 260,000 workers at nearly 9,000 companies. South African gold output rose 1.3 percent in volume terms while overall minerals production increased 0.8 percent in May, compared with the same month last year, official data showed on Thursday.
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 $667.00/667.80 an ounce, sharply higher than $660.30/660.90 late on Wednesday. The London afternoon gold fix was at $667.25 an ounce. Nymex October platinum gained $14.60, or 1.1 percent, to end at $1,330.70 an ounce.
Spot platinum fetched $1,314.80/1,321.80 an ounce. September palladium closed up $1.30 at $372.75 an ounce. Spot palladium was quoted at $367.75/371.75 an ounce.
Comex September silver ended up 20.5 cents, or 1.6 percent, at $13.180 an ounce, trading between $12.955 and $13.225. Spot silver was quoted at $13.08/13.13 an ounce, compared with $12.87/12.90 late on Wednesday. London silver was fixed at $12.950 an ounce.

Copyright Reuters, 2007

Comments

Comments are closed.