Gold steady in Pakistan amid international gains
Gold prices in Pakistan held steady at Rs437,536 per tola on Tuesday, despite gains in the global market. The All-Pakistan Gems and Jewellers Sarafa Association reported no change in the local price of 10-gram gold, which also remained at Rs375,116. On Monday, gold had seen a Rs1,200 per tola increase.
The international spot gold price rose 0.6% to $4,163.16 per ounce, supported by a weaker dollar and a pause in the rise of US Treasury yields. US gold futures for December delivery gained 0.8% to $4,191, according to Reuters. Investors are awaiting the minutes of the US Federal Reserve's September meeting, due on Wednesday, for insights into monetary policy.
However, gold faces downside pressure below $4,280 per ounce, according to Adnan Agar, Director at Interactive Commodities. Agar noted that gold had traded between $4,100 and $4,220 over the past week, with potential declines to $4,050-$4,000 unless it breaks above $4,280. He cautioned that a drop below $4,000 could push prices toward $3,700.
Meanwhile, TD Securities anticipates gold rising above $5,000 per ounce next year, despite short-term risks. In Pakistan, the rupee inched up to 277.05 against the US dollar in inter-bank trading, gaining Rs0.01 from Monday's close of 277.06. Internationally, the US dollar extended its rally, supported by higher Treasury yields.