AGL 38.16 Decreased By ▼ -0.06 (-0.16%)
AIRLINK 134.19 Increased By ▲ 5.22 (4.05%)
BOP 8.85 Increased By ▲ 1.00 (12.74%)
CNERGY 4.69 Increased By ▲ 0.03 (0.64%)
DCL 8.67 Increased By ▲ 0.35 (4.21%)
DFML 39.78 Increased By ▲ 0.84 (2.16%)
DGKC 85.15 Increased By ▲ 3.21 (3.92%)
FCCL 34.90 Increased By ▲ 1.48 (4.43%)
FFBL 75.60 Decreased By ▼ -0.11 (-0.15%)
FFL 12.74 Decreased By ▼ -0.08 (-0.62%)
HUBC 109.45 Decreased By ▼ -0.91 (-0.82%)
HUMNL 14.10 Increased By ▲ 0.09 (0.64%)
KEL 5.40 Increased By ▲ 0.25 (4.85%)
KOSM 7.75 Increased By ▲ 0.08 (1.04%)
MLCF 41.37 Increased By ▲ 1.57 (3.94%)
NBP 69.70 Decreased By ▼ -2.62 (-3.62%)
OGDC 193.62 Increased By ▲ 5.33 (2.83%)
PAEL 26.21 Increased By ▲ 0.58 (2.26%)
PIBTL 7.42 Increased By ▲ 0.05 (0.68%)
PPL 163.85 Increased By ▲ 11.18 (7.32%)
PRL 26.36 Increased By ▲ 0.97 (3.82%)
PTC 19.47 Increased By ▲ 1.77 (10%)
SEARL 84.40 Increased By ▲ 1.98 (2.4%)
TELE 7.99 Increased By ▲ 0.40 (5.27%)
TOMCL 34.05 Increased By ▲ 1.48 (4.54%)
TPLP 8.72 Increased By ▲ 0.30 (3.56%)
TREET 17.18 Increased By ▲ 0.40 (2.38%)
TRG 61.00 Increased By ▲ 4.96 (8.85%)
UNITY 28.96 Increased By ▲ 0.18 (0.63%)
WTL 1.37 Increased By ▲ 0.02 (1.48%)
BR100 10,786 Increased By 127.6 (1.2%)
BR30 32,266 Increased By 934.6 (2.98%)
KSE100 100,083 Increased By 813.5 (0.82%)
KSE30 31,193 Increased By 160.9 (0.52%)

Gold slipped in Europe on Wednesday as the dollar recouped losses against the euro and inflation fears eased after oil prices fell. Spot gold was bid at $1,124.00 a troy ounce at 1549 GMT, against $1,127.95 late in New York on Tuesday. US gold futures for February delivery on the COMEX division of the New York Mercantile Exchange eased $5.1 to $1,124.30.
"The fall in gold is related to the dollar, which has reversed early losses," said David Thurtell, analyst at Citi. "Weakness in oil seems to be playing a part." Gold hit a record high of $1,226.10 a tonne on December 3. Analysts said lower gold prices in recent weeks meant more activity in the physical market. "This morning and last night, there were quite a few physical buyers bargain hunting around in the marketplace, and we saw some good demand out of India and elsewhere," said Afshin Nabavi, head of trading at MKS Finance.
Holdings of the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, fell another 3.7 tonnes on Tuesday, bringing their decline so far this year to nearly 18 tonnes, or 1.6 percent. Silver was bid at $18.33 an ounce against $18.24. Among other precious metals, platinum was at $1,559.50 an ounce against $1,568.50, while palladium was at $417.50 against $421.50.
US platinum and palladium exchange-traded funds launched last Friday were met with buying interest, with about 170,000 ounces of metals added in the first two trading sessions, a spokesman for ETF Securities, which operates the funds, said. "Continued strong ETF investment in 2010 (potentially amplified by the US ETFs) would push the platinum and palladium markets into deficit," said RBS Global Banking & Markets in a research note.

Copyright Reuters, 2010

Comments

Comments are closed.