AIRLINK 193.56 Decreased By ▼ -1.27 (-0.65%)
BOP 9.95 Increased By ▲ 0.14 (1.43%)
CNERGY 7.93 Increased By ▲ 0.57 (7.74%)
FCCL 40.65 Increased By ▲ 2.07 (5.37%)
FFL 16.86 Increased By ▲ 0.41 (2.49%)
FLYNG 27.75 Increased By ▲ 0.21 (0.76%)
HUBC 132.58 Increased By ▲ 0.83 (0.63%)
HUMNL 13.89 Increased By ▲ 0.03 (0.22%)
KEL 4.60 Decreased By ▼ -0.06 (-1.29%)
KOSM 6.62 Decreased By ▼ -0.04 (-0.6%)
MLCF 47.60 Increased By ▲ 2.21 (4.87%)
OGDC 213.91 Decreased By ▼ -0.08 (-0.04%)
PACE 6.93 Increased By ▲ 0.07 (1.02%)
PAEL 41.24 Increased By ▲ 1.18 (2.95%)
PIAHCLA 17.15 Increased By ▲ 0.36 (2.14%)
PIBTL 8.41 Increased By ▲ 0.09 (1.08%)
POWER 9.64 Increased By ▲ 0.21 (2.23%)
PPL 182.35 Increased By ▲ 0.16 (0.09%)
PRL 41.96 Increased By ▲ 0.13 (0.31%)
PTC 24.90 Increased By ▲ 0.34 (1.38%)
SEARL 106.84 Increased By ▲ 4.31 (4.2%)
SILK 0.99 Decreased By ▼ -0.01 (-1%)
SSGC 40.10 Increased By ▲ 0.66 (1.67%)
SYM 17.47 Increased By ▲ 0.14 (0.81%)
TELE 8.84 Increased By ▲ 0.08 (0.91%)
TPLP 12.75 No Change ▼ 0.00 (0%)
TRG 66.95 Increased By ▲ 1.55 (2.37%)
WAVESAPP 11.33 Increased By ▲ 0.22 (1.98%)
WTL 1.79 Increased By ▲ 0.09 (5.29%)
YOUW 4.07 Increased By ▲ 0.13 (3.3%)
BR100 12,045 Increased By 70.8 (0.59%)
BR30 36,580 Increased By 433.6 (1.2%)
KSE100 114,038 Increased By 594.4 (0.52%)
KSE30 35,794 Increased By 159 (0.45%)

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