Karachi:
Gold prices in Pakistan remained relatively stable on Tuesday, despite an increase in international markets for precious metal. The increase was influenced by a weakening of the US dollar and a continuous uncertainty on American tariff policies as well as the cease-fire talks between Russia and Ukraine.
At the national level, the price of gold has increased by RS300 by tola, reaching RS342 800, according to the All Pakistan Sarafa Gems and Jewelers Association (APSGJA). The price of 10 grams increased RS257 to RS293 895.
This follows a significant gain on Monday when gold jumped 4,000 rupees per tola and settled at Rs342 500.
The director of interactive raw materials, Adnan Agar, noted that the gold trade had remained moderate throughout the day.
“Today’s range was relatively narrow, with a summit of $ 3,250 and a minimum of $ 3,206, while the market opened at $ 3,234. Currently, prices have $ 3,224,” he said.
Agar added that the level of $ 3,200 emerged as a key support area.
“The market is consolidated in a range of $ 50. If prices are closer from $ 3,250 to $ 3,280 in the next two to three days, we can see an upward escape. However, a fence less than $ 3,200 could point out a renewed drop pressure.”
Globally, gold prices increased by more than 1% on Tuesday, while the US dollar was weakening more, while uncertainty persisted in Trump’s pricing policy and Russian-Ukraine’s ceasefire, according to Reuters.
Gold at point increased by $ 3,280.32 per $ 1049 and (1449 GMT), while US gold contracts were higher at $ 3,283.10.
The dollar slipped again on Tuesday, weighed down by the prudence of the federal reserve on the economy, after having sold width on Monday after the rating agency Moody’s lowered the American sovereign rating last week.
A softer dollar makes ingots cheaper for buyers with other currencies.
“There is still a level of uncertainty on the market. In particular, the demotion of Moody and the weakening of the dollar supported the complex of precious metals overall,” said David Meger, director of metals at High Ridge Futures.
Meanwhile, the Pakistani Roupie has slightly weakened compared to the US dollar on the interban market, recording a marginal depreciation of 0.05%.
At the end of trading, the local currency settled at 281.92, down RS0.15 compared to the closing rate on Monday of 281.77.
On the international market, the US dollar has remained linked after a week of gradual losses.
The greenback movement has been limited by the prudent economic prospects of the Federal Reserve and the progress between American legislators towards the adoption of the legislation, which was to extend the country’s budgetary deficit more.
