AGL 38.35 Decreased By ▼ -0.21 (-0.54%)
AIRLINK 201.11 Decreased By ▼ -6.66 (-3.21%)
BOP 10.10 Increased By ▲ 0.04 (0.4%)
CNERGY 6.54 Decreased By ▼ -0.54 (-7.63%)
DCL 9.46 Decreased By ▼ -0.53 (-5.31%)
DFML 40.06 Decreased By ▼ -1.08 (-2.63%)
DGKC 97.50 Decreased By ▼ -5.96 (-5.76%)
FCCL 34.75 Decreased By ▼ -1.60 (-4.4%)
FFBL 86.21 Decreased By ▼ -5.38 (-5.87%)
FFL 13.93 Decreased By ▼ -0.67 (-4.59%)
HUBC 131.25 Decreased By ▼ -8.18 (-5.87%)
HUMNL 14.00 Decreased By ▼ -0.10 (-0.71%)
KEL 5.63 Decreased By ▼ -0.34 (-5.7%)
KOSM 7.30 Decreased By ▼ -0.56 (-7.12%)
MLCF 45.30 Decreased By ▼ -1.98 (-4.19%)
NBP 66.38 Decreased By ▼ -7.38 (-10.01%)
OGDC 220.71 Decreased By ▼ -1.95 (-0.88%)
PAEL 38.29 Increased By ▲ 0.18 (0.47%)
PIBTL 8.87 Decreased By ▼ -0.40 (-4.31%)
PPL 198.75 Decreased By ▼ -7.10 (-3.45%)
PRL 38.95 Decreased By ▼ -0.90 (-2.26%)
PTC 25.50 Decreased By ▼ -1.12 (-4.21%)
SEARL 101.30 Decreased By ▼ -8.94 (-8.11%)
TELE 9.05 Decreased By ▼ -0.18 (-1.95%)
TOMCL 36.75 Decreased By ▼ -1.46 (-3.82%)
TPLP 13.75 Decreased By ▼ -0.02 (-0.15%)
TREET 25.25 Decreased By ▼ -1.20 (-4.54%)
TRG 58.10 Decreased By ▼ -2.44 (-4.03%)
UNITY 33.72 Decreased By ▼ -0.42 (-1.23%)
WTL 1.71 Decreased By ▼ -0.17 (-9.04%)
BR100 11,878 Decreased By -420.9 (-3.42%)
BR30 37,336 Decreased By -1541.1 (-3.96%)
KSE100 111,069 Decreased By -3791.9 (-3.3%)
KSE30 34,899 Decreased By -1296.6 (-3.58%)

Gold prices gained on Monday as investors awaited US inflation data due this week for clues on the Federal Reserve’s next monetary policy moves. Spot gold was up 0.5% at $2,644.91 per ounce, as of 0238 GMT. Bullion fell nearly 1% last week.

US gold futures added 0.3% to $2,666.80. Gold is supported by headlines that China’s central bank is back to purchasing gold in November which could be “good news for gold bulls” in knowing that they have the People’s Bank of China (PBOC) behind their back to underpin some strength for bullion prices, IG market strategist Yeap Jun Rong said.

Top consumer China resumed buying gold for its reserves in November after a six-month pause. Traders are now looking forward to US inflation data due on Wednesday.

“The inflation read may determine if we will have a hawkish cut from US policymakers next week, which could still see the US dollar stronger and gold prices weaker if the Fed were to set the stage for a pause in the rate-cutting process into early-2025,” Yeap said.

According to the CME Group’s FedWatch Tool, markets currently see an 83.4% chance of a 25-basis-point rate cut this month. Lower rates decrease the opportunity cost of holding non-yielding bullion.

Federal Reserve officials appeared on track to cut interest rates this month after data showed the US labor market remained strong but continued to cool in November.

Gold price per tola decreases Rs300 in Pakistan

On the geopolitical front, Syrian rebels seized the capital Damascus unopposed on Sunday after a lightning advance that sent President Bashar al-Assad fleeing to Russia after a 13-year civil war and six decades of his family’s autocratic rule.

Gold is often seen as a safe-haven asset during times of economic or political uncertainty.

Spot silver gained 0.4% to $31.08 per ounce, platinum rose 0.5% to $934.75 and palladium added 0.7% to $963.00.

Comments

200 characters