ISLAMABAD: Gold price in the country decreased by Rs600 per tola for the second consecutive session on Monday amid a dip in prices in the international market. According to the data provided by the Karachi Sarafa Association, the price for one tola of 24-karat gold decreased to Rs226,900 from Rs227,500. Similarly, the price for 10 grams of 24-karat gold decreased to Rs194,530 from Rs195,054, showing a dip of Rs524. Following suit, the price for 10 grams of 22-karat gold decreased to Rs178,319 from Rs178,791, going down by Rs472. Earlier, gold price in the country fell last week for the first time in four weeks by Rs2,700 (-1.17 percent) per tola.The gold rate for a single tola of 24-karat increased to Rs230,200 from Rs220,300. During the month of February, the price for one tola of 24-karat gold increased by Rs200 to Rs215,700 from Rs215,500 while in January, the price for one tola of 24-karat gold decreased by Rs4,500 to Rs215,500 from Rs220,000. TLTP
On the other hand, gold futures in the international market as of 1030 hours GMT were available at $2,155.70 per ounce, showing an uptick of $0.10. Out of the $0.10 increase, +$0.20 was due to weakening of the US dollar and -$0.10 was due to the predominant seller, according to the Kitco Gold Index.
Gold price staged a modest recovery from over a one-week low touched earlier in the day. The US dollar continued with its struggle to gain any meaningful traction amid the uncertainty over the Federal Reserve’s (Fed) rate-cut path. This, along with a softer risk tone and geopolitical risks, turned out to be key factors lending some support to the safe-haven precious metal.
From a technical perspective, any further decline is likely to find some support near the $2,145-2,144 region, below which the gold price could accelerate the fall to the next relevant support near the $2,128-2,127 zone. On the flip side, the $2,175-2,176 region now seems to have emerged as an immediate strong barrier, which if cleared should allow the gold price to challenge the record peak, around the $2,195 area touched last week.
