Gold Price In Pakistan: Following a loss of around 1% on Wednesday due to the rupee strengthening against the US dollar in the interbank market, gold prices in Pakistan fell from a one-week high.
The price of gold (24 carats) fell by Rs 1,400 per tola and Rs 1,200 per 10 kilos to settle at Rs 195,600 and Rs 167,695, respectively, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).
A rise in the value of the rupee and expectations that the International Monetary Fund (IMF) programme will resume have caused gold prices to decline by nearly Rs1,000.
Although bargain hunters profited from recent losses, the prognosis for the precious metal was still bleak due to expectations of additional rupee strengthening against the dollar, which might bolster mood on the currency market.
The price of yellow metal increased by Rs3,800 per tola during the course of the previous three sessions, but it lost ground today.
In the meantime, the cost of silver in the domestic market remained constant at Rs. 2,150 for a tola and Rs. 1,843.27 for a gramme.
In the international market, gold prices increased by $8 per ounce to settle at $1,840 as investors refrained from placing large bets in anticipation of the release of the minutes from the US Federal Reserve’s most recent policy meeting, which may provide additional hints about the direction of rate hikes.
Rising US interest rates have a significant impact on the price of gold because they raise the opportunity cost of owning non-yielding metal.
According to Wang Tao, a technical analyst for Reuters, gold may retest the $1,830-per-ounce support level; a breach below that level might go to $1,816.