AGL 41.50 Increased By ▲ 2.96 (7.68%)
AIRLINK 128.00 Decreased By ▼ -1.50 (-1.16%)
BOP 6.26 Increased By ▲ 0.65 (11.59%)
CNERGY 4.13 Increased By ▲ 0.27 (6.99%)
DCL 8.44 Decreased By ▼ -0.29 (-3.32%)
DFML 40.69 Decreased By ▼ -1.07 (-2.56%)
DGKC 87.90 Decreased By ▼ -0.40 (-0.45%)
FCCL 34.10 Decreased By ▼ -0.90 (-2.57%)
FFBL 66.33 Decreased By ▼ -1.02 (-1.51%)
FFL 10.56 Decreased By ▼ -0.05 (-0.47%)
HUBC 108.70 Decreased By ▼ -0.06 (-0.06%)
HUMNL 14.46 Decreased By ▼ -0.20 (-1.36%)
KEL 4.65 Decreased By ▼ -0.10 (-2.11%)
KOSM 7.33 Increased By ▲ 0.38 (5.47%)
MLCF 42.72 Increased By ▲ 1.07 (2.57%)
NBP 60.84 Increased By ▲ 1.24 (2.08%)
OGDC 178.97 Decreased By ▼ -4.03 (-2.2%)
PAEL 25.70 Decreased By ▼ -0.55 (-2.1%)
PIBTL 6.06 Increased By ▲ 0.09 (1.51%)
PPL 146.15 Decreased By ▼ -0.55 (-0.37%)
PRL 24.91 Increased By ▲ 1.30 (5.51%)
PTC 16.14 Decreased By ▼ -0.42 (-2.54%)
SEARL 70.20 Increased By ▲ 1.90 (2.78%)
TELE 7.22 Decreased By ▼ -0.01 (-0.14%)
TOMCL 36.20 Increased By ▲ 0.25 (0.7%)
TPLP 7.84 Decreased By ▼ -0.01 (-0.13%)
TREET 15.59 Increased By ▲ 1.39 (9.79%)
TRG 50.36 Decreased By ▼ -0.09 (-0.18%)
UNITY 26.90 Increased By ▲ 0.15 (0.56%)
WTL 1.24 Increased By ▲ 0.03 (2.48%)
BR100 9,793 Decreased By -12.8 (-0.13%)
BR30 29,604 Decreased By -74.4 (-0.25%)
KSE100 92,021 Decreased By -282.9 (-0.31%)
KSE30 28,665 Decreased By -175.5 (-0.61%)

Gold held steady on Wednesday as investors keenly awaited the outcome of a tightly contested US presidential race. Spot gold held its ground at $2,745.42 per ounce, as of 0218 GMT. Bullion hit a record high of $2,790.15 last Thursday.

US gold futures edged 0.2% higher to $2,754.10. Republican Donald Trump won 14 states in Tuesday’s US presidential election while Democrat Kamala Harris captured four states and Washington, D.C., Edison Research projected, but critical battleground states were unlikely to be called for hours or even days.

It’s 95% about the US election this week, with a 5% splash of the Federal Reserve to add a touch of spice, said Kyle Rodda, financial market analyst at Capital.com.

Gold price per tola decreases Rs500 in Pakistan

“Gold is a part of the Trump trade and in the long term ought to benefit from a Trump victory, mostly due to the impacts of huge deficit spending but also because of potentially more uncertain US foreign policy,” said Rodda.

Traders are also awaiting the Fed’s two-day policy meeting, which concludes on Thursday, and Chair Jerome Powell’s remarks for further direction.

Markets broadly expect the Fed to announce a quarter-point rate cut this week after the September reduction.

“While markets expect a 25-bp cut this week, the Fed may avoid a dovish tone due to the inflationary impact of Trump’s policies,” said Matt Simpson, senior analyst at City Index.

Gold is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.

US trade deficit surged to the highest in nearly 2-1/2-years in September, data released on Tuesday showed.

Elsewhere, Perth Mint reported a decline in October gold sales, while silver sales slipped to their lowest in four months.

Spot silver fell 0.53% to $32.49 per ounce, platinum shed 0.6% to $993.45 and palladium was down 2.17% to $1,052.25.

Comments

200 characters