AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

Gold rose on Friday as the dollar pulled back from a two-month high, but bullion was poised for a third straight weekly fall as traders assessed the progress of US debt ceiling negotiations and the Federal Reserve’s next policy move.

Spot gold was up 0.3% to $1,945.39 per ounce by 0311 GMT, after hitting its lowest since March 22 at $1,936.59.

US gold futures edged up 0.1% to $1,945.90. However, bullion has declined 1.6% so far in the week.

There is an overwhelming market expectation that the debt crisis will be resolved, and a still overall tightening horizon from the Fed that is expected to put some downward pressure on gold, said Clifford Bennett, chief economist at ACY Securities.

“The Fed may indeed pause at the next meeting, as they should, given both the debt ceiling crisis, even with a resolution, and the ongoing, albeit in the background, banking crisis,” Bennett said.

The dollar dipped 0.1% on the day, but held close to its highest since March 17.

Benchmark Treasury yields were also near highs seen in March. US President Joe Biden and top congressional Republican Kevin McCarthy on

Thursday appeared to be nearing a deal to cut spending and raise the government’s $31.4 trillion debt ceiling, with little time to spare to head off the risk of default.

On the interest rate front, markets are now pricing in a 39% chance of a 25 basis point hike in June and seeing cuts no sooner than September, according to the CME FedWatch tool.

Gold prices drift lower

Gold could still reach $1,980 or close to the $2,000 level in June, supported by steady physical demand in key markets like India and China and overall economic uncertainty, said Ajay Kedia, director at Kedia Commodities in Mumbai.

Spot silver rose 0.3% to $22.83, platinum climbed 0.4% to $1,024.63, and palladium advanced 0.3% to $1,420.40.

Comments

Comments are closed.