ISLAMABAD
Gold prices in the country remained on an upward trajectory on Friday and the price of one tola of 24-karat gold reached Rs229,300.
According to the All-Pakistan Gems and Jewellers Association’s (APSGJA) data, the price of one tola of 24-karat gold increased by Rs2,300 to Rs229,300. Similarly, the gold rate for 10 grams of 24-karat moved up to Rs196,600 with an increase of Rs2,000. Likewise, 10 grams of 22-karat gold were being traded at Rs180,200.
In the international market, as of 1320 hours GMT, the gold futures were available at $1,962.60 per ounce, showing a decrease of $2 (-0.1 percent). Out of the $2 per ounce decrease, -$2.65 was due to strengthening of the US dollar and +$0.65 was due to predominant buyers, according to Kitco Gold Index.
Gold price struggled to capitalise on the previous day’s solid rebound from the 100-day Simple Moving Average (SMA) support near the $1,940-$1,939 area and oscillated in a narrow trading band on Friday. The gold price traded near the top end of its weekly range.
A modest uptick in the United States government bond yields assisted the US Dollar (USD) to attract some dip-buying on the last day of the week and recovered a part of the overnight slide to its lowest level since May 24. This, in turn, was seen as a key factor acting as a headwind for the US Dollar-denominated gold price. The downside, however, remained cushioned in the wake of a generally softer risk tone, which tended to benefit the safe-haven gold.
The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. The gold price witnessed a decline despite an increase in international markets and depreciation in the local currency against the US dollar.
