AGL 40.02 Increased By ▲ 0.02 (0.05%)
AIRLINK 127.50 Increased By ▲ 0.46 (0.36%)
BOP 6.70 Increased By ▲ 0.03 (0.45%)
CNERGY 4.52 Increased By ▲ 0.01 (0.22%)
DCL 8.43 Decreased By ▼ -0.12 (-1.4%)
DFML 41.67 Increased By ▲ 0.23 (0.56%)
DGKC 87.10 Increased By ▲ 0.25 (0.29%)
FCCL 32.18 Decreased By ▼ -0.10 (-0.31%)
FFBL 65.00 Increased By ▲ 0.20 (0.31%)
FFL 10.15 Decreased By ▼ -0.10 (-0.98%)
HUBC 109.80 Increased By ▲ 0.23 (0.21%)
HUMNL 14.67 Decreased By ▼ -0.01 (-0.07%)
KEL 5.15 Increased By ▲ 0.10 (1.98%)
KOSM 7.20 Decreased By ▼ -0.26 (-3.49%)
MLCF 41.40 Increased By ▲ 0.02 (0.05%)
NBP 59.99 Decreased By ▼ -0.42 (-0.7%)
OGDC 195.55 Increased By ▲ 5.45 (2.87%)
PAEL 28.40 Increased By ▲ 0.57 (2.05%)
PIBTL 7.76 Decreased By ▼ -0.07 (-0.89%)
PPL 151.56 Increased By ▲ 1.50 (1%)
PRL 26.65 Decreased By ▼ -0.23 (-0.86%)
PTC 16.19 Increased By ▲ 0.12 (0.75%)
SEARL 78.19 Decreased By ▼ -7.81 (-9.08%)
TELE 7.47 Decreased By ▼ -0.24 (-3.11%)
TOMCL 35.50 Increased By ▲ 0.09 (0.25%)
TPLP 8.09 Decreased By ▼ -0.03 (-0.37%)
TREET 16.14 Decreased By ▼ -0.27 (-1.65%)
TRG 53.10 Decreased By ▼ -0.19 (-0.36%)
UNITY 26.69 Increased By ▲ 0.53 (2.03%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,941 Increased By 57.3 (0.58%)
BR30 30,924 Increased By 324.3 (1.06%)
KSE100 93,818 Increased By 462.2 (0.5%)
KSE30 29,070 Increased By 139.3 (0.48%)

NEW YORK: Gold prices fell on Tuesday as investors positioned for a period of high interest rates in the United States and elsewhere.

Spot gold fell 0.4% to $1,730.99 per ounce by 10:00 a.m. ET (1400 GMT) after hitting a one-month low of $1,719.56 on Monday. US gold futures eased 0.5% to $1,741.70.

“There is continued pressure on gold from (Federal Reserve Chair) Powell’s last week comments that raised expectation of a more aggressive Fed. Gold being a non-interest bearing asset will have more competition,” said David Meger, director of metals trading at High Ridge Futures.

At last week’s Jackson Hole meet in Wyoming, the Fed and the European Central Bank struck a hawkish tone, pledging all efforts to tame high inflation even if economic growth takes a hit.

Most traders were now expecting a 75 basis points hike in September.

However, gold will eventually diverge and see some safe-haven flows at some point if the economy begins to slow, added Meger.

Capping gold’s declines to some extent, the dollar index was down 0.2%, making bullion cheaper for overseas buyers. “A move back above $1,765 could get gold bulls excited once more but that may be easier said than done if trading over the last few sessions is anything to go by,” Craig Erlam, senior market analyst at OANDA, said in a note.

Spot silver fell 0.9% to $18.58 per ounce, while platinum dropped 1.6% to $849.98.

Palladium fell 2.3% to $2,097.07.

“Industrial precious metals are vulnerable. The recent rally in (platinum) group metals was running out of steam, which suggested platinum and silver were most vulnerable to additional price declines,” TD Securities wrote in a note.

Comments

Comments are closed.