AGL 38.31 Increased By ▲ 0.09 (0.24%)
AIRLINK 134.11 Increased By ▲ 5.14 (3.99%)
BOP 8.74 Increased By ▲ 0.89 (11.34%)
CNERGY 4.71 Increased By ▲ 0.05 (1.07%)
DCL 8.70 Increased By ▲ 0.38 (4.57%)
DFML 39.94 Increased By ▲ 1.00 (2.57%)
DGKC 85.60 Increased By ▲ 3.66 (4.47%)
FCCL 35.00 Increased By ▲ 1.58 (4.73%)
FFBL 75.98 Increased By ▲ 0.27 (0.36%)
FFL 12.77 Decreased By ▼ -0.05 (-0.39%)
HUBC 110.01 Decreased By ▼ -0.35 (-0.32%)
HUMNL 13.95 Decreased By ▼ -0.06 (-0.43%)
KEL 5.37 Increased By ▲ 0.22 (4.27%)
KOSM 7.76 Increased By ▲ 0.09 (1.17%)
MLCF 41.30 Increased By ▲ 1.50 (3.77%)
NBP 70.00 Decreased By ▼ -2.32 (-3.21%)
OGDC 190.59 Increased By ▲ 2.30 (1.22%)
PAEL 26.22 Increased By ▲ 0.59 (2.3%)
PIBTL 7.36 Decreased By ▼ -0.01 (-0.14%)
PPL 158.51 Increased By ▲ 5.84 (3.83%)
PRL 25.85 Increased By ▲ 0.46 (1.81%)
PTC 19.00 Increased By ▲ 1.30 (7.34%)
SEARL 82.40 Decreased By ▼ -0.02 (-0.02%)
TELE 7.83 Increased By ▲ 0.24 (3.16%)
TOMCL 34.30 Increased By ▲ 1.73 (5.31%)
TPLP 8.71 Increased By ▲ 0.29 (3.44%)
TREET 17.10 Increased By ▲ 0.32 (1.91%)
TRG 57.90 Increased By ▲ 1.86 (3.32%)
UNITY 28.97 Increased By ▲ 0.19 (0.66%)
WTL 1.34 Decreased By ▼ -0.01 (-0.74%)
BR100 10,695 Increased By 36.6 (0.34%)
BR30 31,902 Increased By 571 (1.82%)
KSE100 99,617 Increased By 348.2 (0.35%)
KSE30 31,024 Decreased By -8.8 (-0.03%)

Gold recouped some of the previous session's hefty losses on Monday as the US dollar steadied and uncertainty over a US tax reform plan stoked risk aversion, pulling equities from their recent record highs. Prices remained stuck in a narrow range, however, as investors awaited more clues on the path of US interest rates. Spot gold was up 0.2 percent at $1,279 an ounce by 1:41 p.m. EST (1841 GMT), while US gold futures for December delivery settled up $4.70, or 0.4 percent, at $1,278.90 per ounce.
The metal has remained broadly within $15 an ounce of its 100-day moving average, currently at $1,277 an ounce, for most of the last month. Gold fell 0.7 percent on Friday in its biggest one-day drop since Oct. 26, weighed down by a rise in US Treasury bond yields. Yields rose, steepening the yield curve, as traders closed out some curve-flattener positions.
While the increase in yields supported the dollar early on Monday, it later pared gains. Stock markets also took a step down as uncertainty over a US tax reform deal pushed them further away from recent record highs. "The downside risk may be outweighing upside risk, particularly if the US legislators cannot deliver the often talked about and promised tax cuts," said Bart Melek, head of commodity strategy at TD Securities in Toronto.
Gold has been supported this year by geopolitical risks such as the North Korea's nuclear ambitions, but a range of headwinds, from dollar strength to expectations for rising US rates, have kept it pinned in a range. "There is a bit of safe-haven demand still supporting prices, but no new additional demand coming in, which means that prices aren't really moving," Capital Economics analyst Simona Gambarini said.
"I think some movement will come closer to the next Federal Reserve meeting in December," she added. "Most markets expect a rate hike ... that could be what prompts prices higher or lower, depending on what happens." Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. Among other precious metals, silver was up 0.9 percent at $17.05 an ounce. Platinum was up 0.8 percent at $933.40 an ounce and palladium was down 0.4 percent at $990.40 an ounce.

Comments

Comments are closed.