ISLAMABAD
\nGold price in the country decreased by Rs500 per tola on Tuesday, toeing a dip in the price of the yellow metal in the international market.
\nAccording to the data provided by the Karachi Sarafa Association, the price for one tola of 24-karat gold decreased to Rs240,000 from Rs240,500. Similarly, the price for 10 grams of 24-karat gold decreased to Rs205,761 from Rs206,190, showing a decrease of Rs429. Following suit, the price for 10 grams of 22-karat gold decreased to Rs188,615 from Rs189,007, going down by Rs392.
\nGold price per tola reduced by Rs6,400 in Pakistan last week, taking the cumulative loss over the past two weeks to Rs14,200 (-5.63 percent) per tola. However, the gold price in the country surged by Rs7,100 per tola in April. It may be noted that the gold price hit an all-time high in Pakistan on April 20 when it reached Rs252,200. Earlier gold price per tola in Pakistan hit all-time highs of Rs251,900 on April 17, Rs247,300 on April 16 and Rs247,600 on April 9.
\nOn the other hand, gold futures in the international market as of 134o hours GMT on Tuesday were available at $2,319.10 per ounce, showing a dip of $4. Out of the $4 decrease, $0.45 was due to weakening of the US dollar and -$4.45 was due to predominant sellers, according to the Kitco Gold Index.
\nGold traded in negative territory; nevertheless, the benchmark 10-year US Treasury bond yield stayed below 4.5 percent and helped the gold price limit its losses.
\nThe downtick of the yellow metal was supported by the renewed US dollar demand. However, the recent US Nonfarm Payrolls (NFP) data has boosted bets that the Federal Reserve would cut interest rates later this year. Furthermore, strong central bank purchases and demand from Asian markets remain to support the precious metal in the near term. On the other hand, the signs of ongoing political tensions in the Middle East might boost the safe-haven flows and benefit the gold price.
\nFrom a technical perspective, the yellow metal is above the key 100-day Exponential Moving Average (EMA) on the daily timeframe. The 14-day Relative Strength Index (RSI) holds in the bullish territory around 58.
\nOn the upside, the first resistance will be at the $2,350\u2013$2,355 zone. Further north, the next barrier will emerge near the $2,400 psychological mark. On the flip side, the $2,300 round figure acts as an initial support level for the gold price. The key contention level is seen at $2,275, representing a low of May 3.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Gold price in the country decreased by Rs500 per tola on Tuesday, toeing a dip in the price of the yellow metal in the international market. According to the data provided by the Karachi Sarafa Association, the price for one tola of 24-karat gold decreased to Rs240,000 from Rs240,500. Similarly, the price for 10 […]<\/p>\n","protected":false},"author":2,"featured_media":402088,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-405480","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n