Gold down 1.6pc

Published October 4, 2014

NEW YORK: Gold fell 1.6 per cent on Friday, dropping below $1,200 an ounce for the first time this year, as data showing a stronger-than-expected US labor market bolstered bets that the US Federal Reserve will raise interest rates next year.

Friday’s losses sent bullion into a correction from its July high of $1,345, taking the metal within sight to a four-year bottom at below $1,180 an ounce.

Platinum dropped around 3pc and other precious metals and commodities also fell broadly as the dollar index rallied to a four-year high.

Spot gold fell as much as 1.8pc to its lowest since Dec. 31 at $1,191 an ounce, and was down 1.6pc at $1,194.65 at 11:52 am EDT.

US COMEX gold futures for December delivery were down $20 at $1,195.10 in heavy trading volume.

Published in Dawn, October 4th, 2014

Opinion

Editorial

Taxing pensions
Updated 11 May, 2024

Taxing pensions

Tax reforms have failed to deliver because of distortions created by the FBR bureaucracy through SROs, apparently for personal gains.
Orwellian slide
11 May, 2024

Orwellian slide

IN recent years, Pakistan has made several attempts at introducing an overarching mechanism through which to check...
Terror against girls
11 May, 2024

Terror against girls

ONCE again, the ogre of terrorism is seeking the sacrifice of schoolgirls. On Wednesday, just days after the...
Enrolment drive
Updated 10 May, 2024

Enrolment drive

The authorities should implement targeted interventions to bring out-of-school children, especially girls, into the educational system.
Gwadar outrage
10 May, 2024

Gwadar outrage

JUST two days after the president, while on a visit to Balochistan, discussed the need for a political dialogue to...
Save the witness
10 May, 2024

Save the witness

THE old affliction of failed enforcement has rendered another law lifeless. Enacted over a decade ago, the Sindh...