AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

US gold futures dropped 3 percent on Friday, extending the previous session's decline as deflation fears triggered widespread liquidation by commodity funds, dealers said. December gold down $21.10, or 2.6 percent, at $783.40 an ounce on the COMEX division of the New York Mercantile Exchange at 11:02 am EDT (1502 GMT).
Futures traded in a near $50 range. December briefly dropped to a one-month low of $772.20. It hit a high of $816.90. Weak US economic data and a recent sharp drop of crude oil prices lessened fears of inflation, hurting gold's status as a hedge against a continual rise of the price level, said analysts.
Investor demand slipped as bullion holdings by SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, dropped 10.72 tonnes to 756.86 tonnes on October 16. COMEX estimated 10 am volume at 63,433 lots, and options turnover at 8,590 lots. Spot gold was at $780.05/783.05 an ounce, down 3 percent from Thursday's nominal close of $804.50.
Silver stayed below $10 an ounce. December silver down 30.50 cents, or 3.2 percent, at $9.330 an ounce, near a contract low of $9.090. December silver hit a high of $9.930 an ounce. COMEX estimated 10 am volume at 11,468 lots. Spot silver at $9.28/9.38, down 3.4 percent from Thursday's nominal close of $9.63.
NYMEX January platinum down $20.80, or 2.3 percent, at $870.50 an ounce, extending recent sharp losses. Spot platinum at $848.00/868.00. December palladium up $2.30, or 1.3 percent, at $175.40 an ounce, on bargain hunting after hitting a contract low on Thursday. Spot palladium at $169.00/177.00.

Copyright Reuters, 2008

Comments

Comments are closed.