AGL 38.10 Decreased By ▼ -0.06 (-0.16%)
AIRLINK 136.75 Increased By ▲ 2.56 (1.91%)
BOP 9.22 Increased By ▲ 0.37 (4.18%)
CNERGY 4.75 Increased By ▲ 0.06 (1.28%)
DCL 8.83 Increased By ▲ 0.16 (1.85%)
DFML 38.44 Decreased By ▼ -1.34 (-3.37%)
DGKC 85.40 Increased By ▲ 0.25 (0.29%)
FCCL 35.35 Increased By ▲ 0.45 (1.29%)
FFBL 76.99 Increased By ▲ 1.39 (1.84%)
FFL 12.70 Decreased By ▼ -0.04 (-0.31%)
HUBC 108.79 Decreased By ▼ -0.66 (-0.6%)
HUMNL 14.74 Increased By ▲ 0.64 (4.54%)
KEL 5.55 Increased By ▲ 0.15 (2.78%)
KOSM 8.05 Increased By ▲ 0.30 (3.87%)
MLCF 40.70 Decreased By ▼ -0.67 (-1.62%)
NBP 71.40 Increased By ▲ 1.70 (2.44%)
OGDC 194.75 Increased By ▲ 1.13 (0.58%)
PAEL 27.00 Increased By ▲ 0.79 (3.01%)
PIBTL 7.48 Increased By ▲ 0.06 (0.81%)
PPL 167.95 Increased By ▲ 4.10 (2.5%)
PRL 26.25 Decreased By ▼ -0.11 (-0.42%)
PTC 20.40 Increased By ▲ 0.93 (4.78%)
SEARL 92.84 Increased By ▲ 8.44 (10%)
TELE 7.89 Decreased By ▼ -0.10 (-1.25%)
TOMCL 35.32 Increased By ▲ 1.27 (3.73%)
TPLP 8.98 Increased By ▲ 0.26 (2.98%)
TREET 17.34 Increased By ▲ 0.16 (0.93%)
TRG 59.50 Decreased By ▼ -1.50 (-2.46%)
UNITY 31.00 Increased By ▲ 2.04 (7.04%)
WTL 1.39 Increased By ▲ 0.02 (1.46%)
BR100 10,895 Increased By 118.9 (1.1%)
BR30 32,660 Increased By 426.2 (1.32%)
KSE100 101,357 Increased By 1274.6 (1.27%)
KSE30 31,488 Increased By 295 (0.95%)

Gold fell more than one percent on Wednesday as the dollar hit a new three-week high following minutes of the US Federal Reserve's last policy meeting that bolstered expectations that the central bank could soon raise interest rates. The US central bank will likely raise interest rates next month if economic data points to stronger second-quarter growth as well as firming inflation and employment, according to minutes from the US central bank's April policy meeting.
The indications followed a Fed policymaker's comment on Tuesday he would push for an interest rate hike in June or July, and two other Fed officials, who predicted up to three rate increases this year. Gold is highly sensitive to rising interest rates, which increase the opportunity cost of holding it. Spot gold dipped to a session low of $1,262.45 an ounce after the news and was down 1.28 percent at $1,263.2 by 2:29 pm EDT (1829 GMT), while US gold futures settled down 0.2 percent at $1,274.4.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.56 percent to 855.89 tonnes on Tuesday, the highest since November 2013. Spot silver slipped 1.52 percent to $16.96 per ounce, spot platinum dropped 1.56 percent to $1,032.6 per ounce and spot palladium fell 1.03 percent to $574 an ounce.

Copyright Reuters, 2016

Comments

Comments are closed.