AIRLINK 189.36 Increased By ▲ 1.33 (0.71%)
BOP 11.10 Decreased By ▼ -0.76 (-6.41%)
CNERGY 7.28 Decreased By ▼ -0.26 (-3.45%)
FCCL 36.65 Decreased By ▼ -1.14 (-3.02%)
FFL 14.95 Decreased By ▼ -0.29 (-1.9%)
FLYNG 26.19 Increased By ▲ 0.66 (2.59%)
HUBC 130.89 Increased By ▲ 0.74 (0.57%)
HUMNL 13.47 Decreased By ▼ -0.14 (-1.03%)
KEL 4.28 Decreased By ▼ -0.07 (-1.61%)
KOSM 6.08 Decreased By ▼ -0.09 (-1.46%)
MLCF 45.94 Increased By ▲ 0.26 (0.57%)
OGDC 201.86 Decreased By ▼ -4.57 (-2.21%)
PACE 6.12 Decreased By ▼ -0.26 (-4.08%)
PAEL 38.36 Decreased By ▼ -1.95 (-4.84%)
PIAHCLA 16.73 Decreased By ▼ -0.22 (-1.3%)
PIBTL 7.94 Decreased By ▼ -0.09 (-1.12%)
POWER 9.86 Decreased By ▼ -0.17 (-1.69%)
PPL 173.46 Decreased By ▼ -5.38 (-3.01%)
PRL 34.73 Decreased By ▼ -1.63 (-4.48%)
PTC 23.95 Decreased By ▼ -0.44 (-1.8%)
SEARL 101.74 Decreased By ▼ -1.42 (-1.38%)
SILK 1.07 No Change ▼ 0.00 (0%)
SSGC 32.70 Decreased By ▼ -3.54 (-9.77%)
SYM 17.93 Decreased By ▼ -0.30 (-1.65%)
TELE 8.14 Decreased By ▼ -0.24 (-2.86%)
TPLP 12.02 Decreased By ▼ -0.14 (-1.15%)
TRG 67.40 Increased By ▲ 0.07 (0.1%)
WAVESAPP 11.80 Decreased By ▼ -0.21 (-1.75%)
WTL 1.52 Decreased By ▼ -0.05 (-3.18%)
YOUW 3.90 Increased By ▲ 0.01 (0.26%)
BR100 11,819 Decreased By -87.9 (-0.74%)
BR30 35,000 Decreased By -554.1 (-1.56%)
KSE100 112,085 Decreased By -478.8 (-0.43%)
KSE30 34,946 Decreased By -148 (-0.42%)

NEW YORK: Gold prices climbed more than 1 percent on Monday, as the US dollar weakened after softer-than-expected US jobs data fueled expectations of potential interest rate cuts by the Federal Reserve later this year.

Spot gold rose 0.8% to $2,320.95 per ounce by 1503 GMT. US gold futures for June delivery also gained 0.9% to $2,329.70 per ounce.

“The downside that we’ve seen over the last few weeks might actually be running out of steam, opening (the) door for gold prices to resume their upward trajectory,” said Daniel Ghali, commodity strategist at TD Securities.

Bullion lost about 1.5% last week.

Data on Friday showed job growth in the US slowed more than expected in April, while the increase in annual wages fell below 4.0% for the first time in nearly three years.

While gold is traditionally considered a hedge against inflation, lower interest rates reduce the opportunity cost of holding bullion and weigh on the dollar, in which gold is priced.

The US dollar was a touch lower on Monday, after hovering near its lowest level in about a month on Friday, following the employment report.

“We continue to expect two rate cuts this year, in July and November,” Goldman Sachs wrote in a note. The April employment report was soft but not weak, it said.

Chances of rate cuts in September were more than 69% on Monday, as per CME’s FedWatch Tool.

Gold also found support from ongoing tensions in the Middle East, with Israel’s military operation in Rafah adding a layer of uncertainty to the market.

Other precious metals also advanced, with spot silver rising 2.4% to $27.19 per ounce, platinum gaining about 0.6% to $960.95 and palladium adding 3.6% to $979.95.

Comments

Comments are closed.