AGL 38.25 Increased By ▲ 0.10 (0.26%)
AIRLINK 129.89 Increased By ▲ 4.82 (3.85%)
BOP 7.19 Increased By ▲ 0.34 (4.96%)
CNERGY 4.58 Increased By ▲ 0.13 (2.92%)
DCL 8.29 Increased By ▲ 0.38 (4.8%)
DFML 38.70 Increased By ▲ 1.36 (3.64%)
DGKC 80.70 Increased By ▲ 2.93 (3.77%)
FCCL 32.19 Increased By ▲ 1.61 (5.26%)
FFBL 74.00 Increased By ▲ 5.14 (7.46%)
FFL 12.35 Increased By ▲ 0.49 (4.13%)
HUBC 108.50 Increased By ▲ 4.00 (3.83%)
HUMNL 14.00 Increased By ▲ 0.51 (3.78%)
KEL 4.96 Increased By ▲ 0.31 (6.67%)
KOSM 7.65 Increased By ▲ 0.48 (6.69%)
MLCF 37.52 Increased By ▲ 1.08 (2.96%)
NBP 70.85 Increased By ▲ 4.93 (7.48%)
OGDC 189.00 Increased By ▲ 9.47 (5.27%)
PAEL 25.10 Increased By ▲ 0.67 (2.74%)
PIBTL 7.43 Increased By ▲ 0.28 (3.92%)
PPL 151.50 Increased By ▲ 7.80 (5.43%)
PRL 25.12 Increased By ▲ 0.80 (3.29%)
PTC 17.45 Increased By ▲ 1.05 (6.4%)
SEARL 80.60 Increased By ▲ 2.03 (2.58%)
TELE 7.51 Increased By ▲ 0.29 (4.02%)
TOMCL 32.61 Increased By ▲ 0.64 (2%)
TPLP 8.50 Increased By ▲ 0.37 (4.55%)
TREET 16.64 Increased By ▲ 0.51 (3.16%)
TRG 56.24 Increased By ▲ 1.58 (2.89%)
UNITY 27.85 Increased By ▲ 0.35 (1.27%)
WTL 1.34 Increased By ▲ 0.05 (3.88%)
BR100 10,439 Increased By 350.1 (3.47%)
BR30 30,852 Increased By 1343.5 (4.55%)
KSE100 97,959 Increased By 3384.4 (3.58%)
KSE30 30,534 Increased By 1089 (3.7%)

Gold fell nearly 1 percent, down for a second day on Tuesday after better-than-expected US economic data and easing tensions over North Korea encouraged investors to buy riskier assets, boosting stocks, the US dollar and bond yields. Gold, seen as a safe haven in times of uncertainty, rose to a two-month high of $1,291.86 on Friday after a week of escalating military threats between Washington and Pyongyang.
But fears of conflict eased when North Korean leader Kim Jong Un on Tuesday signalled he would delay a decision on firing missiles towards Guam, a US territory in the Pacific. "Gold longs liquidated as the chances of a Korean catastrophe appeared to fall significantly overnight and this morning surprisingly strong US retail sales data buoyed US yields and the dollar, which pressured gold further to lows," said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York.
"Silver retreated sharply in sympathy as well but both metals have held important support and may trade sideways ahead the Fed minutes tomorrow." Spot gold was down 0.8 percent at $1,271.58 an ounce by 3:07 pm EDT (1907 GMT), taking losses since Friday's high to nearly 2 percent.
US gold futures for December delivery fell 0.8 percent to settle at $1,279.70. Silver was down 2.1 percent at $16.65 an ounce, falling below its 100- and 200-day moving averages. Speculative investors who had in recent weeks built up large bets on higher prices were being forced to reduce their positions, pushing prices lower, Saxo Bank analyst Ole Hansen said.
Technical Fibonacci supports for gold were at $1,274.70 and $1,261.30, ScotiaMocatta analysts said in a note. In other precious metals, Platinum was down 0.7 percent at $958.5, while palladium was 1.1 percent lower at $885.10 an ounce.

Comments

Comments are closed.