AGL 38.02 Increased By ▲ 0.08 (0.21%)
AIRLINK 197.36 Increased By ▲ 3.45 (1.78%)
BOP 9.54 Increased By ▲ 0.22 (2.36%)
CNERGY 5.91 Increased By ▲ 0.07 (1.2%)
DCL 8.82 Increased By ▲ 0.14 (1.61%)
DFML 35.74 Decreased By ▼ -0.72 (-1.97%)
DGKC 96.86 Increased By ▲ 4.32 (4.67%)
FCCL 35.25 Increased By ▲ 1.28 (3.77%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 13.17 Increased By ▲ 0.42 (3.29%)
HUBC 127.55 Increased By ▲ 6.94 (5.75%)
HUMNL 13.50 Decreased By ▼ -0.10 (-0.74%)
KEL 5.32 Increased By ▲ 0.10 (1.92%)
KOSM 7.00 Increased By ▲ 0.48 (7.36%)
MLCF 44.70 Increased By ▲ 2.59 (6.15%)
NBP 61.42 Increased By ▲ 1.61 (2.69%)
OGDC 214.67 Increased By ▲ 3.50 (1.66%)
PAEL 38.79 Increased By ▲ 1.21 (3.22%)
PIBTL 8.25 Increased By ▲ 0.18 (2.23%)
PPL 193.08 Increased By ▲ 2.76 (1.45%)
PRL 38.66 Increased By ▲ 0.49 (1.28%)
PTC 25.80 Increased By ▲ 2.35 (10.02%)
SEARL 103.60 Increased By ▲ 5.66 (5.78%)
TELE 8.30 Increased By ▲ 0.08 (0.97%)
TOMCL 35.00 Decreased By ▼ -0.03 (-0.09%)
TPLP 13.30 Decreased By ▼ -0.25 (-1.85%)
TREET 22.16 Decreased By ▼ -0.57 (-2.51%)
TRG 55.59 Increased By ▲ 2.72 (5.14%)
UNITY 32.97 Increased By ▲ 0.01 (0.03%)
WTL 1.60 Increased By ▲ 0.08 (5.26%)
BR100 11,727 Increased By 342.7 (3.01%)
BR30 36,377 Increased By 1165.1 (3.31%)
KSE100 109,513 Increased By 3238.2 (3.05%)
KSE30 34,513 Increased By 1160.1 (3.48%)

Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year.

Spot gold rose 0.1% at $2,327.12 per ounce, as of 0202 GMT. Prices jumped more than 4% in the second quarter.

U.S. gold futures eased 0.1% at $2,336.60.

Data showed on Friday that the personal consumption expenditures index, increased 2.6% after advancing 2.7% in April. May inflation readings were in line with economists’ expectations.

“The latest U.S. inflation data remain fresh on investors’ mind, with the data coming in line with consensus and generally did little to sway current market rate expectations for the Fed’s easing process to kickstart in September,” said IG market strategist Yeap Jun Rong.

But, “any failure to defend the $2,280 level ahead may potentially pave the way for gold prices to head towards the $2,200 next”.

Gold prices fall, silver’s unmoved

Traders are pricing in a 63% chance of a first rate cut in September, according to the CME FedWatch tool. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

Market focus shifts to remarks from Fed Chair Jerome Powell on Tuesday, followed by minutes from the Fed’s latest policy meeting on Wednesday and U.S. labour market data later in the week.

“Uncertainties related to inflation, macroeconomic growth, U.S. election and geopolitics should continue to support the safe haven demand for gold,” ANZ said in a quarterly note.

“Although central bank purchases have slowed down in recent months, we believe emerging market’s central banks will continue to diversify their reserves into gold.”

Spot silver was flat at $29.12 per ounce, platinum fell 0.2% at $990.90 and palladium inched up 1.1% to $982.62.

Key metals consumer China’s manufacturing activity fell for a second month in June while services activity slowed, an official survey showed.

Comments

200 characters