ISLAMABAD
\nGold price in the country increased on Tuesday by Rs500 per tola, following an uptick in prices in the international markets.
\nAccording to the data provided by Karachi Sarafa Association, the price for one tola of 24-karat gold increased to Rs215,200 from Rs214,700. Similarly, the price for 10 grams of 24-karat gold increased to Rs184,500 from Rs184,021, showing an uptick of Rs429. Similarly, the price for 10 grams of 22-karat gold increased to Rs169,124.
\nEarlier, gold price in the country declined by Rs2,150 (-0.99 percent) per tola last week. It was the third consecutive week when the prices of the yellow metal decreased in the country.
\nOn the other hand, as of 1235 hours GMT, gold futures in the international market were available at $2,023.90 per ounce, showing an uptick of $2.70. Out of the $2.70 increase, -$2.55 was due to strengthening of the US dollar and +$5.25 was due to predominant buyers, according to the Kitco Gold Index.
\nGold price struggled to capitalize on its intraday positive move and remained below the $2,040-$2,042 supply zone. Expectations for the first rate cut by the Federal Reserve (Fed) have been pushed back to May in the wake of the incoming strong US macro data, which suggested that the economy is in good shape. This is reinforced by a fresh leg up in the US Treasury bond yields, which, in turn, is seen as a key factor acting as a headwind for the non-yielding yellow metal. The downside, however, remains cushioned in the wake of the risk of a further escalation of geopolitical tensions in the Middle East, which tends to underpin the safe-haven gold price.
\nFrom a technical perspective, gold price trimmed Friday\u2019s gains, and the daily chart supports a continued decline. The price develops below a mildly bearish 20 Simple Moving Average (SMA), while the longer moving averages lack directional strength well below the current level. Technical indicators, in the meantime, resumed their declines within negative levels, although their strength is limited.
\nThe yellow metal faces initial resistance at $2,033. If this level is achieved, the next resistance levels will be $2,047 and $2,056. A daily close above the former is required to start a bullish trend. On the flip side, the support level lies at $2,016. If this level is broken, gold may find support at the psychological level of $2,000. The last line of defence at present lies at $1,988.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Gold price in the country increased on Tuesday by Rs500 per tola, following an uptick in prices in the international markets. According to the data provided by Karachi Sarafa Association, the price for one tola of 24-karat gold increased to Rs215,200 from Rs214,700. Similarly, the price for 10 grams of 24-karat gold increased to […]<\/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-382698","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n