AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.00 Decreased By ▼ -0.04 (-0.03%)
BOP 6.61 Decreased By ▼ -0.06 (-0.9%)
CNERGY 4.52 Increased By ▲ 0.01 (0.22%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.78 Increased By ▲ 0.34 (0.82%)
DGKC 87.50 Increased By ▲ 0.65 (0.75%)
FCCL 32.55 Increased By ▲ 0.27 (0.84%)
FFBL 64.99 Increased By ▲ 0.19 (0.29%)
FFL 10.30 Increased By ▲ 0.05 (0.49%)
HUBC 109.20 Decreased By ▼ -0.37 (-0.34%)
HUMNL 14.65 Decreased By ▼ -0.03 (-0.2%)
KEL 5.09 Increased By ▲ 0.04 (0.79%)
KOSM 7.58 Increased By ▲ 0.12 (1.61%)
MLCF 41.40 Increased By ▲ 0.02 (0.05%)
NBP 59.62 Decreased By ▼ -0.79 (-1.31%)
OGDC 192.64 Increased By ▲ 2.54 (1.34%)
PAEL 28.20 Increased By ▲ 0.37 (1.33%)
PIBTL 7.79 Decreased By ▼ -0.04 (-0.51%)
PPL 151.00 Increased By ▲ 0.94 (0.63%)
PRL 26.73 Decreased By ▼ -0.15 (-0.56%)
PTC 16.10 Increased By ▲ 0.03 (0.19%)
SEARL 86.02 Increased By ▲ 0.02 (0.02%)
TELE 7.80 Increased By ▲ 0.09 (1.17%)
TOMCL 35.39 Decreased By ▼ -0.02 (-0.06%)
TPLP 8.25 Increased By ▲ 0.13 (1.6%)
TREET 16.40 Decreased By ▼ -0.01 (-0.06%)
TRG 53.30 Increased By ▲ 0.01 (0.02%)
UNITY 26.35 Increased By ▲ 0.19 (0.73%)
WTL 1.27 Increased By ▲ 0.01 (0.79%)
BR100 9,988 Increased By 104.4 (1.06%)
BR30 31,138 Increased By 537.6 (1.76%)
KSE100 94,161 Increased By 805.9 (0.86%)
KSE30 29,178 Increased By 246.6 (0.85%)

Gold dropped to its lowest in over 10 months on Thursday as the dollar surged to its highest in 14 years after the US Federal Reserve raised interest rates for the first time in a year and signalled more rate hikes in 2017. Spot gold had edged down 0.2 percent to $1,142.06 an ounce by 0633 GMT after earlier touching its weakest level since Feb. 3 at 1,134.71. It fell over 1 percent the session before.
US gold futures declined 1.7 percent to $1,143.70 per ounce. They earlier marked their lowest since Feb. 1 at $1,136.40. "The outlook for gold is not particularly great. The more hawkish comments from the Fed are clearly a headwind in the short-term," said ANZ analyst Daniel Hynes.
"The selling seen this morning is just the start of things to come. Certainly the environment is difficult for gold given the appreciation in the dollar." "Given that (gold) prices have now crumbled, it remains to be seen if we reach our downside target of $1,125," INTL FCStone analyst Edward Meir said in a note. Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, have fallen about 10 percent since November. Holdings declined again on Wednesday by 0.80 percent to 849.44 tonnes.

Copyright Reuters, 2016

Comments

Comments are closed.