Gold steadies

Published July 30, 2015

LONDON: Gold steadied on Wednesday around a 5-1/2-year low hit last week, as investors awaited the outcome of a Federal Reserve meeting for cues on the timing of the first US rate rise in nearly a decade.

Spot gold was at $1,095.10 an ounce by 1320 GMT, little changed from late on Tues­day, while US gold for August delivery was down 0.2 per cent at $1,094.50 an ounce.

The metal touched $1,077 last week, its weakest since February 2010, following a sell-off on exchanges in New York and Shanghai, when investors cut their exposure on fears of further price declines.

Holdings of the largest gold-backed exchange-traded-fund, New York’s SPDR Gold Trust, were unchanged at 21.87 million ounces on Monday, the lowest since September 2008, following a seven-day slide.

Spot palladium was up 0.2pc at $620.47 an ounce and platinum was down 0.1pc at $980.74 an ounce, both not far above multi-year lows. Silver was up 0.2pc at $14.71 an ounce.

Published in Dawn, July 30th, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play

Opinion

Editorial

Hasty transition
Updated 05 May, 2024

Hasty transition

Ostensibly, the aim is to exert greater control over social media and to gain more power to crack down on activists, dissidents and journalists.
One small step…
05 May, 2024

One small step…

THERE is some good news for the nation from the heavens above. On Friday, Pakistan managed to dispatch a lunar...
Not out of the woods
05 May, 2024

Not out of the woods

PAKISTAN’S economic vitals might be showing some signs of improvement, but the country is not yet out of danger....
Rigging claims
Updated 04 May, 2024

Rigging claims

The PTI’s allegations are not new; most elections in Pakistan have been controversial, and it is almost a given that results will be challenged by the losing side.
Gaza’s wasteland
04 May, 2024

Gaza’s wasteland

SINCE the start of hostilities on Oct 7, Israel has put in ceaseless efforts to depopulate Gaza, and make the Strip...
Housing scams
04 May, 2024

Housing scams

THE story of illegal housing schemes in Punjab is the story of greed, corruption and plunder. Major players in these...