ISLAMABAD: Gold prices in the local market increased by Rs800 per tola on Monday amid rupee\u2019s depreciation against the US dollar, despite a dip in the international bullion prices. According to the Karachi Sarafa Association, the price of one tola of 24-karat gold increased to Rs211,800 from Rs211,000. Similarly, the gold price for 10 grams of 24-karat gold increased to Rs181,584 from Rs180,898, showing an increase of Rs686. Gold price in the country decreased by Rs3,600 (-0.61 percent) per tola last week as the gold rate for a single tola of 24-karat on a week-on-week (WoW) basis decreased to Rs211,000 from Rs214,600, according to Karachi Sarafa Market. On the other hand, as of 1100 hours GMT, gold futures in the international market were available at $1,938.10 per ounce, showing a decrease of $0.60. Out of the $0.60 decrease, +$1.85 was due to weakening of the US dollar and -$2.45 was due to predominant sellers, according to the Kitco Gold Index. In the international market, gold staged a deep correction last week, declining to its lowest level in nearly a month below $1,940, after several failed attempts to stabilize above $2,000 earlier this month. The Federal Reserve\u2019s cautious policy outlook and the disappointing October jobs data from the US forced the US dollar (USD) to suffer heavy losses against its rivals in the previous week. The benchmark 10-year US treasury bond yield declined to 4.5 percent and the USD struggled to continue to outperform its rivals. From a technical perspective, the Relative Strength Index (RSI) indicator on the daily chart retreated to 50, reflecting the loss of bullish momentum in gold price. Significant support seems to have formed in the $1,925-$1,930 area, where the 200-day Simple Moving Average (SMA), 100-day SMA and the 50-day SMA converge. If gold falls below that area and starts using it as resistance, $1,900 (psychological level) could be set as the next bearish target before $1,875 (static level). TLTP<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: Gold prices in the local market increased by Rs800 per tola on Monday amid rupee\u2019s depreciation against the US dollar, despite a dip in the international bullion prices. According to the Karachi Sarafa Association, the price of one tola of 24-karat gold increased to Rs211,800 from Rs211,000. Similarly, the gold price for 10 grams […]<\/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-367870","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n