Gold climbs

Published June 15, 2017

LONDON: Gold rose 1 per cent on Wednesday after weaker-than-expected US inflation data for May knocked the dollar index to nine-month lows ahead of a keenly awaited Federal Reserve policy statement.

However, an unexpected month-on-month drop in US consumer prices and retail sales shown in data released on Wednesday suggested inflation pressures are moderating, which could have an impact on further interest rate hikes this year. Spot gold was up 0.1pc at $1,277.74 an ounce at 1330 GMT, while US gold futures for August delivery were up $11.30 an ounce at $1,279.79.

The metal peaked at $1,279.37 as the dollar index fell to its lowest since Nov. 9 following the release of weaker-than-expected US CPI and retail sales data.

Silver also climbed, up 2.2pc at $17.23 an ounce after hitting its lowest in nearly a month the previous day at $16.68. Platinum, which also hit a near one-month low of $918.50 on Tuesday, was up 2.3pc at $942.50 an ounce. Palla­dium, which hit a 16-year high last week at $914.70, was down 0.1pc at $883 an ounce.

Published in Dawn, June 15th, 2017

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

‘Source of terror’
Updated 29 Mar, 2024

‘Source of terror’

It is clear that going after militant groups inside Afghanistan unilaterally presents its own set of difficulties.
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...