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

Missing links
Updated 27 Apr, 2024

Missing links

As the past decades have shown, the country has not been made more secure by ‘disappearing’ people suspected of wrongdoing.
Freedom to report?
27 Apr, 2024

Freedom to report?

AN accountability court has barred former prime minister Imran Khan and his wife from criticising the establishment...
After Bismah
27 Apr, 2024

After Bismah

BISMAH Maroof’s contribution to Pakistan cricket extends beyond the field. The 32-year old, Pakistan’s...
Business concerns
Updated 26 Apr, 2024

Business concerns

There is no doubt that these issues are impeding a positive business clime, which is required to boost private investment and economic growth.
Musical chairs
26 Apr, 2024

Musical chairs

THE petitioners are quite helpless. Yet again, they are being expected to wait while the bench supposed to hear...
Global arms race
26 Apr, 2024

Global arms race

THE figure is staggering. According to the annual report of Sweden-based think tank Stockholm International Peace...