Karachi:
Gold prices in Pakistan remained relatively stable on Tuesday, despite an increase in international markets for precious metal. The increase was influenced by a weakening of the US dollar and continuous uncertainty about the tariff policies of the United States, as well as high -fire conversations between Russia and Ukraine.
At the national level, the price of gold increased RS300 per Tola, reaching RS342.800, according to the Association of Gems and Jewers of All Pakistan Sarafa (APSGJA). The 10 grams gold price increased RS257 to RS293,895.
This follows a significant gain on Monday when gold increased RS4,000 per tola and settled at RS342.500.
The interactive director of the basic products, Adnan Agar, said that the gold trade remained subject throughout the day.
“Today’s range was relatively narrow, with a maximum of $ 3,250 and a minimum of $ 3,206, while the market opened to $ 3,234. Currently, prices are around $ 3,224,” he said.
Aging added that the $ 3,200 level was emerging as a key support zone.
“The market is consolidating within a range of $ 50. If prices close above $ 3,250 to $ 3,280 in the next two or three days, we can see a bullish breakdown. However, a closure of less than $ 3,200 could indicate a renewed low pressure.”
Worldwide, gold prices increased more than 1% on Tuesday, since the US dollar was further weakened, while uncertainty persisted on Trump’s tariff policy and Russian-Ukraine in the fire, according to Reuters.
Spot Gold increased 1.6% to $ 3,280.32 per ounce for 1049 ET (1449 GMT), while US gold futures were 1.5% higher than $ 3,283.10.
The dollar fell again on Tuesday, heavy due to the caution of the Federal Reserve on the economy, after having sold widely on Monday after the Moody’s grades agency reduced the sovereign rating of the United States last week.
A softer dollar makes the bullion cheaper for buyers who have other coins.
“There is still a level of uncertainty in the market. In particular, the reduction of Moody’s and the weakening dollar have supported the complex of precious metals in general,” said David Meger, director of metals that negotiate at High Ridge Futures.
Meanwhile, the Pakistani rupe was slightly weakened against the US dollar in the interbank market, registering a marginal depreciation of 0.05%.
At the end of the negotiation, the local currency was established in 281.92, less than RS0.15 compared to the closing rate of Monday of 281.77.
In the international market, the US dollar remained a range in the range after a week of gradual losses.
The Greenback movement was limited by the caution economic perspective of the Federal Reserve and the progress among US legislators towards the approval of the legislation, which was expected to expand further the country’s fiscal deficit.
