AGL 40.10 Decreased By ▼ -0.90 (-2.2%)
AIRLINK 127.80 Decreased By ▼ -0.34 (-0.27%)
BOP 6.60 Decreased By ▼ -0.10 (-1.49%)
CNERGY 4.60 Increased By ▲ 0.08 (1.77%)
DCL 8.58 Decreased By ▼ -0.03 (-0.35%)
DFML 41.40 Increased By ▲ 0.31 (0.75%)
DGKC 86.50 Decreased By ▼ -0.63 (-0.72%)
FCCL 32.13 Decreased By ▼ -1.26 (-3.77%)
FFBL 65.40 Decreased By ▼ -0.01 (-0.02%)
FFL 10.27 Decreased By ▼ -0.20 (-1.91%)
HUBC 110.60 Decreased By ▼ -0.03 (-0.03%)
HUMNL 14.70 Decreased By ▼ -0.60 (-3.92%)
KEL 5.15 Increased By ▲ 0.17 (3.41%)
KOSM 7.15 Decreased By ▼ -0.28 (-3.77%)
MLCF 41.69 Decreased By ▼ -1.30 (-3.02%)
NBP 60.20 Decreased By ▼ -0.22 (-0.36%)
OGDC 194.48 Decreased By ▼ -3.16 (-1.6%)
PAEL 27.95 Decreased By ▼ -1.06 (-3.65%)
PIBTL 7.98 Decreased By ▼ -0.28 (-3.39%)
PPL 150.52 Decreased By ▼ -3.64 (-2.36%)
PRL 27.08 Increased By ▲ 2.08 (8.32%)
PTC 16.08 Decreased By ▼ -0.01 (-0.06%)
SEARL 78.20 Decreased By ▼ -0.25 (-0.32%)
TELE 7.42 Increased By ▲ 0.05 (0.68%)
TOMCL 35.70 Decreased By ▼ -0.39 (-1.08%)
TPLP 7.90 Decreased By ▼ -0.17 (-2.11%)
TREET 15.87 Decreased By ▼ -0.09 (-0.56%)
TRG 52.70 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.65 Decreased By ▼ -0.06 (-0.22%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 9,920 Decreased By -52.1 (-0.52%)
BR30 30,751 Decreased By -346.3 (-1.11%)
KSE100 93,225 Decreased By -423.8 (-0.45%)
KSE30 28,885 Decreased By -132.9 (-0.46%)

New York gold futures climbed Wednesday as a dollar rally lost steam after Federal Reserve Chairman Ben Bernanke said in congressional testimony the US economy could contract in the first half of this year.
Bernanke's remarks about possible US recession boosted alternative investment buying for gold. Bargain hunting among physical buyers after the recent price decline also cited.
Weaker oil prices following higher crude stocks data erased some of bullion's gains. June gold up 60 cents at $888.40 an ounce at 10:33 am EDT (1433 GMT) after hitting a 10-week low on Tuesday. Tuesday's sharp losses in heavy volume could signal end of liquidation by funds, dealers said.
Analysts said risk of further deleveraging remained high as strong physical demand would not prevent gold selling off Comex estimated 9 am (1300 GMT) volume 53,039 lots. Spot gold at $884.20/885.00, compared with $884.20/885.40 at the close Tuesday.
London afternoon gold fix was $890.00 an ounce. July platinum rebounded $12.30 to $1,950.10 an ounce after a 5-percent decline on Tuesday. Platinum boosted after global automakers expressed confidence of rebounding sales after steep decline in March - analyst. South Africa's power crisis may last many years unless electricity demand reduced, Eskom revealed. Spot traded at $1,928/1,938. June was down $13.50 or 3 percent at $435.10 an ounce. Spot fetched $435/440. May silver tracked gold to gain 6.0 cents to $16.950 an ounce, after touching a 9-week bottom of $16.30 on Tuesday. Spot silver at $16.91/16.96 against Tuesday's late quote at $16.81/16.86. Silver fixed in London at $16.89.

Copyright Reuters, 2008

Comments

Comments are closed.