AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.00 Decreased By ▼ -0.99 (-0.77%)
BOP 6.68 Increased By ▲ 0.08 (1.21%)
CNERGY 4.49 Decreased By ▼ -0.11 (-2.39%)
DCL 8.60 Increased By ▲ 0.12 (1.42%)
DFML 41.30 Decreased By ▼ -0.18 (-0.43%)
DGKC 86.71 Increased By ▲ 0.13 (0.15%)
FCCL 32.16 Increased By ▲ 0.02 (0.06%)
FFBL 64.70 Decreased By ▼ -0.72 (-1.1%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 109.51 Decreased By ▼ -0.98 (-0.89%)
HUMNL 14.90 Increased By ▲ 0.15 (1.02%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.40 Increased By ▲ 0.28 (3.93%)
MLCF 41.39 Decreased By ▼ -0.26 (-0.62%)
NBP 60.60 Increased By ▲ 0.51 (0.85%)
OGDC 190.00 Decreased By ▼ -4.69 (-2.41%)
PAEL 27.81 Decreased By ▼ -0.14 (-0.5%)
PIBTL 7.75 Decreased By ▼ -0.25 (-3.13%)
PPL 149.75 Decreased By ▼ -1.42 (-0.94%)
PRL 26.73 Decreased By ▼ -0.15 (-0.56%)
PTC 16.18 Increased By ▲ 0.18 (1.13%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.72 Increased By ▲ 0.33 (4.47%)
TOMCL 35.58 Decreased By ▼ -0.09 (-0.25%)
TPLP 8.14 Increased By ▲ 0.23 (2.91%)
TREET 16.51 Increased By ▲ 0.62 (3.9%)
TRG 53.35 Increased By ▲ 0.59 (1.12%)
UNITY 26.28 Decreased By ▼ -0.27 (-1.02%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,889 Decreased By -31.1 (-0.31%)
BR30 30,611 Decreased By -140.9 (-0.46%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

Gold prices turned negative on Tuesday as the dollar strengthened following news that China would retaliate against a new round of US tariffs on its goods. US Treasuries also rose, helping boost the dollar but pressuring gold. China said that it had no choice but to retaliate against new US trade tariffs, raising the risk that US President Donald Trump could soon impose duties on virtually all Chinese goods that America buys.
The US dollar index strengthened against a basket of major currencies. A stronger dollar generally weighs on the price of dollar-denominated gold, which has been losing out on safe-haven flows to the greenback during the months-long US-China trade conflict. The dollar was negative earlier. Spot gold dropped 0.23 percent at $1,197.75 per ounce by 1:33 pm EDT (1733 GMT) in choppy trade. US gold futures
for December delivery fell $3.30, or 0.3 percent, at $1,202.50. Gold prices have declined more than 12 percent since April, hurt by the intensifying trade dispute between the United States and China and as rising US interest rates diminished demand for non-interest-bearing bullion.
"I think there's a secondary factor where higher rates and real rates are helping lift the dollar and that's putting pressure on gold," said Rob Haworth, senior investment strategist for US Bank Wealth Management. Investors are eyeing a meeting by the US Federal Reserve next week at which interest rates are widely expected to be raised, said ActivTrades chief analyst Carlo Alberto De Casa.
"Any comments about the 2019 monetary policy could be a new significant driver for the precious metal," he said. Gold prices were "hovering below massive resistance between $1,205-$1,215 range", said FOREX.com analyst Fawad Razaqzada, pointing out that gold was still in a bearish trend.
Spot silver lost 0.1 percent at $14.14 an ounce. Platinum rose 1.9 percent at $811.30, while palladium gained 2.7 percent at $1,010.72, reaching its highest since mid-June at $1,012.50 an ounce.

Copyright Reuters, 2018

Comments

Comments are closed.