AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Gold fell to nearly a 10-month low on Wednesday, adding to its deepest monthly price declines in more than three years as strong US economic data and higher US Treasury yields buoyed the dollar, further cementing the case for a December rate increase.
The US dollar rallied 0.9 percent against a basket of six major currencies, after oil prices rose sharply and upbeat US economic data and comments by President-elect Donald Trump's choice for US Treasury secretary triggered a selloff in the bond market.
Spot gold was down 1.2 percent at $1,174.44 an ounce by 2:40 pm EST (1940 GMT), after falling to $1,170.35, the lowest since February 8. US gold futures settled down 1.4 percent at $1,170.80 per ounce. US private employers stepped up hiring in November much more than expected and consumer spending increased last month, giving more ammunition to the Federal Reserve for an interest rate increase.
Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. "A consensus appears to be growing among Fed voters that the economy requires another rate hike, and today's Beige Book largely confirmed those opinions," said Royce Mendes, director and senior economist at CIBC Capital Markets in Toronto.
Gold has shed more than 8 percent in November, the biggest monthly fall since June 2013. "Recently there's been a perfect storm against gold with higher risk appetite, rising stock markets and bond yields, massive ETF (exchange traded fund) outflows and the withdrawal of speculative financial investors," said analyst Daniel Briesemann at Commerzbank in Frankfurt.
The shock withdrawal of high-value notes to fight "black money" in India, the world's second biggest consumer of gold, has hit gold demand there during the peak wedding season. Silver fell 0.9 percent to $16.44 an ounce while platinum eased 0.8 percent to $910.20. Palladium rose 1.1 percent to $768.20. The metal has risen more than 24 percent this month, its best since February 2008, outperforming other metals.

Copyright Reuters, 2016

Comments

Comments are closed.