AIRLINK 202.80 Decreased By ▼ -1.65 (-0.81%)
BOP 10.02 Decreased By ▼ -0.07 (-0.69%)
CNERGY 6.96 Increased By ▲ 0.05 (0.72%)
FCCL 35.45 Increased By ▲ 0.62 (1.78%)
FFL 17.30 Increased By ▲ 0.09 (0.52%)
FLYNG 24.45 Decreased By ▼ -0.07 (-0.29%)
HUBC 138.50 Increased By ▲ 1.10 (0.8%)
HUMNL 14.05 Increased By ▲ 0.23 (1.66%)
KEL 4.89 Decreased By ▼ -0.02 (-0.41%)
KOSM 6.72 Increased By ▲ 0.02 (0.3%)
MLCF 46.14 Increased By ▲ 1.83 (4.13%)
OGDC 223.85 Increased By ▲ 1.94 (0.87%)
PACE 7.14 Increased By ▲ 0.05 (0.71%)
PAEL 43.66 Increased By ▲ 0.69 (1.61%)
PIAHCLA 17.14 Increased By ▲ 0.06 (0.35%)
PIBTL 8.53 Decreased By ▼ -0.06 (-0.7%)
POWER 9.15 Increased By ▲ 0.13 (1.44%)
PPL 190.79 Increased By ▲ 0.19 (0.1%)
PRL 43.56 Increased By ▲ 0.52 (1.21%)
PTC 25.60 Increased By ▲ 0.56 (2.24%)
SEARL 110.65 Increased By ▲ 4.24 (3.98%)
SILK 1.03 Increased By ▲ 0.01 (0.98%)
SSGC 42.60 Decreased By ▼ -0.31 (-0.72%)
SYM 18.66 Increased By ▲ 0.35 (1.91%)
TELE 9.19 Increased By ▲ 0.05 (0.55%)
TPLP 13.90 Increased By ▲ 0.79 (6.03%)
TRG 68.60 Increased By ▲ 0.47 (0.69%)
WAVESAPP 10.35 Increased By ▲ 0.11 (1.07%)
WTL 1.89 Increased By ▲ 0.02 (1.07%)
YOUW 4.04 Decreased By ▼ -0.05 (-1.22%)
BR100 12,271 Increased By 134 (1.1%)
BR30 37,630 Increased By 484.2 (1.3%)
KSE100 116,018 Increased By 745.9 (0.65%)
KSE30 36,543 Increased By 231.9 (0.64%)

US gold futures tumble more than 2 percent in volatile trade early on Monday, trading just above $880 an ounce as a sudden rise in the dollar triggers chart-based sell-stops and heavy long liquidation. August contract on COMEX division of New York Mercantile Exchange down $20.10, or 2.2 percent, at $883.60 an ounce at 10:25 am EDT (1425 GMT). August futures range from $909.70 to $877.40.
Selling related to COMEX gold option expiration and a key interest rate decision by the Federal Reserve this week pummel gold futures. said RBC Capital Markets Global Futures Vice President George Gero. Heavy redemption in gold market by hedge funds for cash needs, as well as technical selling below $900 an ounce cited, said CPM Group precious metals analyst Carlos Sanchez. Estimated 10 am gold volume a busy 96,557 lots. Spot gold at $881.65/882.65, compared with $901.35/902.75 in late Friday trade.
July platinum down $25.40, or 1.2 percent, at $2,037.00 an ounce, weighed down by weaker gold prices. Spot platinum at $2,033.50/2,053.50. September palladium down $4.35 at $474.85 an ounce. Spot palladium was quoted at $466.50/474.50. July silver follows bullion's weakness, down 67.7 cents, or 3.9 percent, at $16.720 an ounce. Range from $16.525 to $17.520. Spot silver at $16.67/16.72, compared with $17.36/17.43 late Friday.

Copyright Business Recorder, 2008

Comments

Comments are closed.