Gold prices remain dull as FED plans on rising interest rates

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MG News | November 28, 2018 at 02:31 PM GMT+05:00

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November 28, 2018 (MLN): Gold prices were dull on Wednesday as dollar stood strong after a senior U.S. Federal Reserve official reiterated the need for an additional increase in interest rates, making gold costlier for holders of currencies other than dollar.  

Spot gold showed slight change at $1,213.71 per ounce at 0408 GMT, having dipped to its lowest level since Nov. 15 at $1,211.36 in the previous session.

U.S. gold futures were down by 0.1 percent at $1,214.

On the other hand, oil prices rose by one percent on Wednesday ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut.

Moreover, the shutdown of Britain's largest North Sea oilfield for repairs also justified the prices.

U.S. West Texas Intermediate (WTI) crude futures were at $52.11 per barrel at 0448 GMT, up 55 cents, or 1.1 percent from their last settlement.

International Brent crude oil futures were up 57 cents, or 1 percent, at $60.78 per barrel.

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Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

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