AGL 40.20 Increased By ▲ 0.20 (0.5%)
AIRLINK 127.34 Increased By ▲ 0.30 (0.24%)
BOP 6.63 Decreased By ▼ -0.04 (-0.6%)
CNERGY 4.52 Increased By ▲ 0.01 (0.22%)
DCL 8.56 Increased By ▲ 0.01 (0.12%)
DFML 42.00 Increased By ▲ 0.56 (1.35%)
DGKC 87.89 Increased By ▲ 1.04 (1.2%)
FCCL 32.70 Increased By ▲ 0.42 (1.3%)
FFBL 65.21 Increased By ▲ 0.41 (0.63%)
FFL 10.33 Increased By ▲ 0.08 (0.78%)
HUBC 109.30 Decreased By ▼ -0.27 (-0.25%)
HUMNL 14.70 Increased By ▲ 0.02 (0.14%)
KEL 5.13 Increased By ▲ 0.08 (1.58%)
KOSM 7.54 Increased By ▲ 0.08 (1.07%)
MLCF 41.90 Increased By ▲ 0.52 (1.26%)
NBP 59.90 Decreased By ▼ -0.51 (-0.84%)
OGDC 193.85 Increased By ▲ 3.75 (1.97%)
PAEL 28.27 Increased By ▲ 0.44 (1.58%)
PIBTL 7.84 Increased By ▲ 0.01 (0.13%)
PPL 151.76 Increased By ▲ 1.70 (1.13%)
PRL 26.68 Decreased By ▼ -0.20 (-0.74%)
PTC 16.10 Increased By ▲ 0.03 (0.19%)
SEARL 86.02 Increased By ▲ 0.02 (0.02%)
TELE 7.63 Decreased By ▼ -0.08 (-1.04%)
TOMCL 35.43 Increased By ▲ 0.02 (0.06%)
TPLP 8.10 Decreased By ▼ -0.02 (-0.25%)
TREET 16.10 Decreased By ▼ -0.31 (-1.89%)
TRG 52.75 Decreased By ▼ -0.54 (-1.01%)
UNITY 26.40 Increased By ▲ 0.24 (0.92%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,958 Increased By 74.7 (0.76%)
BR30 30,930 Increased By 329.5 (1.08%)
KSE100 93,910 Increased By 554.1 (0.59%)
KSE30 29,095 Increased By 164 (0.57%)

Gold dropped 1 percent to a 5-1/2-month low on Friday and was set for a second week of decline as the dollar soared after comments from the Federal Reserve bolstered expectations that US interest rates would rise next month. Spot gold was down 0.84 percent at $1,205.75 an ounce by 0758 GMT. The metal hit $1,203.86, its lowest level since May 30, earlier in the session.
US gold futures fell 1 percent to $1205.00 per ounce, after touching its lowest since February 10 at $1,201.3 earlier. "Yellen's comments and a stronger dollar have pulled down the entire precious metals complex. Gold will be on a downtrend for now," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central.
"People are speculating that Donald Trump's policies will improve companies and equity markets, and lots of them are going to stocks and currencies. Gold has lost a bit of its safe-haven asset status." The bullion has dropped nearly 10 percent from a high of $1,337.40 per ounce, hit on November 9, when Donald Trump was announced US president-elect.

Copyright Reuters, 2016

Comments

Comments are closed.