AGL 40.18 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.48 Increased By ▲ 0.44 (0.35%)
BOP 6.60 Decreased By ▼ -0.07 (-1.05%)
CNERGY 4.49 Decreased By ▼ -0.02 (-0.44%)
DCL 8.53 Decreased By ▼ -0.02 (-0.23%)
DFML 41.91 Increased By ▲ 0.47 (1.13%)
DGKC 87.65 Increased By ▲ 0.80 (0.92%)
FCCL 32.69 Increased By ▲ 0.41 (1.27%)
FFBL 65.21 Increased By ▲ 0.41 (0.63%)
FFL 10.30 Increased By ▲ 0.05 (0.49%)
HUBC 109.55 Decreased By ▼ -0.02 (-0.02%)
HUMNL 14.65 Decreased By ▼ -0.03 (-0.2%)
KEL 5.12 Increased By ▲ 0.07 (1.39%)
KOSM 7.52 Increased By ▲ 0.06 (0.8%)
MLCF 41.70 Increased By ▲ 0.32 (0.77%)
NBP 59.70 Decreased By ▼ -0.71 (-1.18%)
OGDC 194.00 Increased By ▲ 3.90 (2.05%)
PAEL 28.25 Increased By ▲ 0.42 (1.51%)
PIBTL 7.80 Decreased By ▼ -0.03 (-0.38%)
PPL 151.99 Increased By ▲ 1.93 (1.29%)
PRL 26.56 Decreased By ▼ -0.32 (-1.19%)
PTC 16.18 Increased By ▲ 0.11 (0.68%)
SEARL 84.67 Decreased By ▼ -1.33 (-1.55%)
TELE 7.70 Decreased By ▼ -0.01 (-0.13%)
TOMCL 35.39 Decreased By ▼ -0.02 (-0.06%)
TPLP 8.13 Increased By ▲ 0.01 (0.12%)
TREET 16.09 Decreased By ▼ -0.32 (-1.95%)
TRG 52.70 Decreased By ▼ -0.59 (-1.11%)
UNITY 26.31 Increased By ▲ 0.15 (0.57%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,953 Increased By 69.4 (0.7%)
BR30 30,908 Increased By 307.7 (1.01%)
KSE100 93,785 Increased By 429.6 (0.46%)
KSE30 29,050 Increased By 119.3 (0.41%)

Gold fell 1 percent to a four-week low on Monday, sliding for a fifth straight session as prices came under pressure from a rising dollar and speculation that the Federal Reserve may lift interest rates this year. The Fed last week put a December rate rise into play, dampening earlier talk that a string of downbeat US data and global growth concerns could push back to next year the first increase in nearly a decade.
Spot gold was down 1 percent at $1,122.90 an ounce at 1500 GMT, having earlier touched its lowest since October 2 at $1,121.95. US gold futures for December delivery were down $13.40 an ounce at $1,122.50.
Traders will be eyeing this week's US economic data closely, particularly the bellwether non-farm payrolls report on Friday, for clues on whether or not the Fed will move before the end of the year. "We are back to watching US data as the next six weeks' output most likely will determine the output of the December FOMC (Federal Open Market Committee) meeting," Saxo Bank head of commodities research Ole Hansen said.
The payrolls report will be particularly scrutinised, he said. "A stronger than expected number will put the cat among the pigeons, considering it would be the first above-expectation number since May." Rising interest rates would pressure gold as they would lift the opportunity costs of holding non-yielding assets while boosting the dollar, in which bullion is priced. A jump in the dollar heaped pressure onto gold on Tuesday, with the US unit rising 0.7 percent against the euro.
US economic data on Monday was tentatively supportive of a rate hike this year. Manufacturing activity in October hit a 2-1/2 year low, but a rise in new orders offered hope that the United States might be over the worst. Other data showed construction spending rose in September to its highest in 7-1/2 years, indicating that the economy remained on firmer ground despite signs of consumer spending cooling. Holdings in the world's largest gold-backed exchange-traded fund, the New York-listed SPDR Gold Trust, fell nearly 3 tonnes to 689.28 tonnes on Monday, the lowest in three weeks.
"Physically backed gold products (have) hardly recorded inflows since summer, signalling investor reluctance to return to the market," Julius Baer said in a note. Among other precious metals, silver was down 0.9 percent at $15.24 an ounce, platinum was down 1.6 percent at $957.20 and palladium was down 1.5 percent at $637.75.

Copyright Reuters, 2015

Comments

Comments are closed.