ISLAMABAD
\nGold prices moved downward by Rs1,800 per tola in the local market for the second straight session on Thursday, following an overnight dip of over one percent in prices in the international bullion market.
\nAccording to the data provided by Karachi Sarafa Association, the price for one tola of 24-karat gold decreased to Rs218,200 from Rs220,000. Similarly, the price for 10 grams of 24-karat gold decreased to Rs187,071 from Rs188,614, showing a decrease of Rs1,543. Following suit, the price for 10 grams of 24-karat gold came down by Rs1,415 to Rs172,897 from Rs171,482. During the last two sessions, the price for one tola of 24-karat gold has decreased by Rs3,100 in the local market.
\nEarlier, gold prices in the country surged by Rs700 per tola last week, third in a row, in line with an uptick in the international rates. Overall, gold price increased by Rs4,400 per tola in the preceding three weeks. To note, during the last calendar year, the intraday price of 24-karat gold was the lowest on October 04, 2023, which was Rs188,400, while the highest price during the year was recorded at Rs242,700 per tola on September 02.
\nOn the other hand, as of 1100 hours GMT, gold futures in the international market were available at $2,047 per ounce, showing an increase of $5.80. Out of the $5.80 decrease, +$3.60 was due to weakening of the US dollar and +$2.20 was due to predominant buyers, according to the Kitco Gold Index.
\nGold gathered recovery momentum as the renewed US dollar weakness helped gold price stretch higher as participants awaited employment-related data releases from the US. Gold price dived to a one-and-half-week low on Wednesday in the wake of rising US Treasury bond yields and a stronger US dollar. The US bond yields, however, started losing traction after minutes of the December 12-13 FOMC meeting reflected a consensus among policymakers that inflation is under control and concerns about the downside risks to the economy associated with an overly restrictive stance. This, along with a softer risk tone, allowed the precious metal to attract some buyers near the $2,030 area and gained some follow-through traction on Thursday.
\nFrom a technical perspective, it will be prudent to wait for some follow-through selling below the overnight swing low, around the $2,030 area before positioning for any further depreciating move.
\nThe gold price might then accelerate the slide towards the 50-day Simple Moving Average (SMA), currently around the $2,012-2,011 area, en route to the $2,000 psychological mark.
\nOn the flip side, momentum back above the $2,050 region seems to confront stiff resistance near the $2,064-2,065 area. The next relevant hurdle is pegged near the $2,077 horizontal zone, which if cleared decisively should allow the gold price to aim back towards reclaiming the $2,100 mark.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Gold prices moved downward by Rs1,800 per tola in the local market for the second straight session on Thursday, following an overnight dip of over one percent in prices in the international bullion market. According to the data provided by Karachi Sarafa Association, the price for one tola of 24-karat gold decreased to Rs218,200 […]<\/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-378764","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n