Gold shines, price rises by Rs800 per tola in Pakistan

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KARACHI: Gold price in Pakistan rose on Monday, boosted by concerns regarding economic conditions which have once again sparked a flight from risky commodities towards safer ones. Gold prices in the local bullion market recorded an increase of Rs800 per tola and Rs686 per 10 grams to settle at Rs132,400 and Rs113,513. On Saturday, the yellow metal closed at Rs131,600 per tola and Rs112,826 per 10 grams. According to the All Sindh Sarafa and Jeweller Association, the precious commodity has gained Rs1,800 in the last two sessions. Gold rates in Pakistan are around Rs4,000 below the cost compared to the rate in the Dubai market. Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 and Rs1,303.15 today. In the international market, gold prices jumped about 1% to a more than one-month high as concerns over the economic fallout from the Russia-Ukraine war and surging inflation drove investors to the safe-haven asset. Spot gold rose 0.9% to $1,991.51 per ounce, after hitting its highest level since March 11. US gold futures gained 1% to $1,995.30. “Bullion’s upward momentum is set to continue as long as markets are fed with a steady stream of negative headlines pertaining to a darkening global outlook,” said Han Tan, chief market analyst at Exinity. The war in Ukraine has so far shown no signs of easing and has added to soaring inflation and dampened the global growth outlook. “From a technical perspective, spot gold may face little resistance once it goes north of $2,000… However, gold’s ability to keep its head above $2000 may be strained once real yields break into positive territory.
Tan added.

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