AGL 40.09 Increased By ▲ 0.09 (0.23%)
AIRLINK 131.51 Increased By ▲ 1.98 (1.53%)
BOP 6.84 Increased By ▲ 0.16 (2.4%)
CNERGY 4.51 Decreased By ▼ -0.12 (-2.59%)
DCL 8.82 Decreased By ▼ -0.12 (-1.34%)
DFML 42.25 Increased By ▲ 0.56 (1.34%)
DGKC 84.00 Increased By ▲ 0.23 (0.27%)
FCCL 32.90 Increased By ▲ 0.13 (0.4%)
FFBL 76.78 Increased By ▲ 1.31 (1.74%)
FFL 11.92 Increased By ▲ 0.45 (3.92%)
HUBC 109.80 Decreased By ▼ -0.75 (-0.68%)
HUMNL 14.37 Decreased By ▼ -0.19 (-1.3%)
KEL 5.53 Increased By ▲ 0.14 (2.6%)
KOSM 8.20 Decreased By ▼ -0.20 (-2.38%)
MLCF 39.13 Decreased By ▼ -0.66 (-1.66%)
NBP 64.71 Increased By ▲ 4.42 (7.33%)
OGDC 197.97 Decreased By ▼ -1.69 (-0.85%)
PAEL 25.88 Decreased By ▼ -0.77 (-2.89%)
PIBTL 7.70 Increased By ▲ 0.04 (0.52%)
PPL 156.24 Decreased By ▼ -1.68 (-1.06%)
PRL 26.17 Decreased By ▼ -0.56 (-2.1%)
PTC 18.32 Decreased By ▼ -0.14 (-0.76%)
SEARL 81.98 Decreased By ▼ -0.46 (-0.56%)
TELE 8.07 Decreased By ▼ -0.24 (-2.89%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 8.80 Decreased By ▼ -0.26 (-2.87%)
TREET 16.87 Decreased By ▼ -0.60 (-3.43%)
TRG 59.06 Decreased By ▼ -2.26 (-3.69%)
UNITY 27.70 Increased By ▲ 0.27 (0.98%)
WTL 1.45 Increased By ▲ 0.07 (5.07%)
BR100 10,602 Increased By 194.9 (1.87%)
BR30 31,666 Decreased By -46.8 (-0.15%)
KSE100 99,030 Increased By 1701.4 (1.75%)
KSE30 30,845 Increased By 652.6 (2.16%)

Gold prices rebounded from a 4-1/2-month low on Wednesday on short-covering as the US dollar came off its 2018 highs and US bond yields sat near multi-year peaks. Spot gold was 0.2 percent higher at $1,292.19 by 1:39 pm ET (1739 GMT), having gone as low as $1,286.20, its weakest since December 27. US gold futures for June delivery settled up $1.20, or 0.1 percent, at $1,291.50 per ounce.
"A lot of people are trying to cover shorts from the break at the $1,316 level. That was a good area people were betting for the downside," Michael Matousek, head trader at US Global Investors. "Now you want to start taking some profits, because statistically, it looks like it can bounce from the short-term.
"Gold prices barely responded to North Korea saying it might not attend the unprecedented June 12 summit with the United States if Washington continues to insist that it unilaterally give up its nuclear weapons. North Korea also called off high-level talks with South Korea scheduled for Wednesday, blaming US-South Korean military exercises.
But higher 10-year Treasury yields, which stayed near highs hit on Tuesday, capped gold's gains, traders said, as the US dollar came off its highs. Bullion had suffered its biggest single-day loss since November 2016 when it fell 1.7 percent on Tuesday to below the 200-day moving average and the psychologically significant $1,300-an-ounce level.
Gold is likely to fall to $1,275 by the end of June and $1,250 by the end of the year as US yields and the dollar strengthen, said ABN AMRO analyst Georgette Boele. That is below the $1,310-$1,360 range gold has inhabited since January. In other precious metals, silver was up 0.9 percent at $16.37 an ounce after dipping to a two-week low, $16.17. Platinum eased by 0.4 percent at $889.07 per ounce, while palladium gained 0.4 percent at $986.75, earlier dipping to $883.50, a five-month low.

Copyright Reuters, 2018

Comments

Comments are closed.