AIRLINK 196.01 Increased By ▲ 2.45 (1.27%)
BOP 10.17 Increased By ▲ 0.22 (2.21%)
CNERGY 7.76 Decreased By ▼ -0.17 (-2.14%)
FCCL 40.00 Decreased By ▼ -0.65 (-1.6%)
FFL 17.00 Increased By ▲ 0.14 (0.83%)
FLYNG 27.10 Decreased By ▼ -0.65 (-2.34%)
HUBC 133.35 Increased By ▲ 0.77 (0.58%)
HUMNL 13.96 Increased By ▲ 0.07 (0.5%)
KEL 4.73 Increased By ▲ 0.13 (2.83%)
KOSM 6.62 No Change ▼ 0.00 (0%)
MLCF 47.35 Decreased By ▼ -0.25 (-0.53%)
OGDC 214.24 Increased By ▲ 0.33 (0.15%)
PACE 6.91 Decreased By ▼ -0.02 (-0.29%)
PAEL 41.71 Increased By ▲ 0.47 (1.14%)
PIAHCLA 17.00 Decreased By ▼ -0.15 (-0.87%)
PIBTL 8.50 Increased By ▲ 0.09 (1.07%)
POWER 9.40 Decreased By ▼ -0.24 (-2.49%)
PPL 183.79 Increased By ▲ 1.44 (0.79%)
PRL 42.25 Increased By ▲ 0.29 (0.69%)
PTC 24.98 Increased By ▲ 0.08 (0.32%)
SEARL 109.50 Increased By ▲ 2.66 (2.49%)
SILK 0.99 No Change ▼ 0.00 (0%)
SSGC 42.65 Increased By ▲ 2.55 (6.36%)
SYM 18.34 Increased By ▲ 0.87 (4.98%)
TELE 8.91 Increased By ▲ 0.07 (0.79%)
TPLP 13.02 Increased By ▲ 0.27 (2.12%)
TRG 67.65 Increased By ▲ 0.70 (1.05%)
WAVESAPP 11.49 Increased By ▲ 0.16 (1.41%)
WTL 1.81 Increased By ▲ 0.02 (1.12%)
YOUW 3.99 Decreased By ▼ -0.08 (-1.97%)
BR100 12,213 Increased By 168.7 (1.4%)
BR30 36,817 Increased By 236.7 (0.65%)
KSE100 115,210 Increased By 1172.7 (1.03%)
KSE30 36,223 Increased By 428.3 (1.2%)

Gold prices edged up from six-month lows on Friday as the dollar slipped, but the modest nature of the recovery suggested speculators might still be poised to punish the metal further. Spot gold was up 0.2 percent at $1,268.84 an ounce, by 1345 GMT. In the prior session, bullion touched $1,260.84, its lowest since December 19, 2017.
US gold futures for August delivery added 0.1 percent to $1,271.10 per ounce. "If the dollar is weaker and gold is not reacting much, that's usually a bad sign, that means that you'll probably get more downside," Georgette Boele, commodity strategist at ABN AMRO in Amsterdam, said. "People think that since gold failed at the $1,300 level, they are seeing how far they can push it down and then move it up again. I would say it should bottom out anywhere between $1,250 and $1,200."
Gold tumbled last Friday after repeatedly failing to surmount the $1,300 level as speculators rushed to liquidate long positions and others put on bearish positions. The dollar pulled back from an 11-month peak against a basket of major currencies on Friday, as the euro strengthened after a survey showed Euro zone private business growth recovered in June.
A weaker greenback makes dollar-denominated gold cheaper for holders of other currencies. Commerzbank agreed that gold was unlikely to recover in the near-term even with potentially destabilising events such as the Turkish presidential election on Sunday and a European Union summit later next week.
"If gold is not even in demand as a result of the escalating trade dispute between the US and China, we do not believe that the other upcoming events will do much to sway the opinion of market participants," a note from the German bank said. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, dropped 0.5 percent to 824.63 tonnes on Thursday.
In Asia, gold demand picked up in most centres this week as prices slid to a six-month low, with gold being sold at a premium in India for the first time in seven weeks. Many buyers, however, were waiting for prices to fall further. Auto catalyst metals platinum and palladium rose 0.4 percent to $865.24 per ounce and added 0.5 percent to $955.30 per ounce respectively, but were headed for weekly declines of over 2 percent.
Earlier in the session, platinum touched $851.74, the weakest since February 2016, while palladium slipped to a seven-week low of $947.15 an ounce. Silver gained 0.4 percent to $16.37 an ounce after falling to its lowest since May 2 at $16.16 in the previous session.

Copyright Reuters, 2018

Comments

Comments are closed.