ISLAMABAD
\nSpot gold price remained on the downward slide due to a stronger US dollar and hit their lowest level in more than three months at $1,786 before staging a comeback.
\nAs of 1245 hours GMT, gold in the international market was available at $1,806.70 per ounce, shedding $5.50 (-0.30 percent). Out of the $5.50 per ounce decrease, -$0.5 was due to strengthening of the US dollar and -$5 was due to predominant sellers, according to Kitco Gold Index.
\nThe price of 10 grams of 24-carat yellow metal in Pakistan, decreased to Rs112,100 after shedding Rs250. Gold price in the local market settled at Rs112,350 at the end of the last week. A relatively lower decrease in the local gold prices was due to Pakistani rupee\u2019s continuous depreciation against the US dollar during the day.
\nOverall, gold\u2019s value has decreased by 8.34 percent or $165 per ounce during the last four weeks. A major factor pressuring gold prices lower has been the dollar\u2019s strength. The dollar has gained value for the last six consecutive weeks. Over the last four trading weeks, the US dollar has gained 4.15 percent in value. This means that dollar strength accounted for just under one-half of gold\u2019s price decline. Currently, the dollar index is fixed at 104.515 and the last time the dollar was so strong in the fourth quarter of 2002.
\nLast week, the US central bank increased its benchmark overnight interest rate by an aggressive half-a-percentage point. Bullion is sensitive to rising US short-term interest rates and bond yields, which raise the opportunity cost of holding it. Gold\u2019s recent slide has wiped out most gains made in a rally driven by safe-haven demand in anticipation of and after Russia\u2019s invasion of Ukraine in February. The conflict powered gold prices all the way to near-record levels in mid-March.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Spot gold price remained on the downward slide due to a stronger US dollar and hit their lowest level in more than three months at $1,786 before staging a comeback. As of 1245 hours GMT, gold in the international market was available at $1,806.70 per ounce, shedding $5.50 (-0.30 percent). Out of the $5.50 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-260888","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n