ISLAMABAD
\nGold price surged 1.1 percent on a week-on-week (WoW) basis despite a broad-based dollar strength and a sharp upsurge witnessed in the US Treasury bond yields.
\nGold futures closed the week on a positive note in the international market at $1,946.70 from $1,925.60 per ounce, gaining $21.10 on a week-on-week basis.
\nThe price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, increased by 2.55 percent (Rs2,900) to Rs116,600 from Rs113,700 during the last week.
\nA relatively higher increase in the local gold price was due to the Pakistani rupee\u2019s depreciation against the US dollar, which devalued by 0.32 percent last week and it also impacted local gold prices negatively.
\nGold price touched its historic high in the local market last week and the yellow metal was traded at Rs134,300 per tola (11.66 grams) after investors relocated the capital from deflating local currency to the inflating precious metal.
\nThe gain in gold was seen as the commodity turned positive because risk-off sentiment gripped financial markets amid the possibility of more Western sanctions on Russia.
\nThe Pakistani rupee started losing its value since the political unrest began in the country, which has affected the economy and increased concerns; and the development convinced investors to relocate their capital from weakening commodities to strengthening gold.
\nOn the global front, gold registered a small gain on Monday. It edged lower on Tuesday and Wednesday, following a 6 percent increase in the 10-year US Treasury bond yield. However, gold capitalised on risk aversion and staged a rebound during the last two days of the week.
\nFrom a technical perspective, gold made a daily close above the 20-day SMA for the first time in two weeks on Friday. Additionally, the Relative Strength Index (RSI) indicator rose slightly above 50, pointing to a bullish tilt in the technical picture.
\nOn the upside, $1,950 aligns as first technical resistance. In case gold rises above that level and starts using it as support, it could target $1,970 (static level) and $1,990. On the flip side, strong support seems to have formed at $1920. With a daily close below that level, sellers could take action and drag gold toward $1,910 (50-day SMA) and $1,900 (psychological level).<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Gold price surged 1.1 percent on a week-on-week (WoW) basis despite a broad-based dollar strength and a sharp upsurge witnessed in the US Treasury bond yields. Gold futures closed the week on a positive note in the international market at $1,946.70 from $1,925.60 per ounce, gaining $21.10 on a week-on-week basis. The price of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-254211","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-national"},"yoast_head":"\n