Gold prices in Pakistan gained further today (Friday) after the Pakistani Rupee fell to a new all-time low against the US Dollar in interbank trade today.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs. 1,300 per tola to settle at Rs. 208,500. Similarly, the price of 10 grams of gold increased by Rs. 1,114 to settle at Rs. 178,775.
Elsewhere, silver prices in the domestic market rose by Rs. 50 per tola to Rs. 2,350 while rates for 10 grams of silver surged by Rs. 42.86 to Rs. 2,014.74.
Spot gold in the international markets was up 0.14 percent after initially dropping $7 during the early hours of trade today. Bullion dropped to $1,908 per ounce at 12:40 PM before marginally recovering gains and touching $1,915 at 18:10 PM.
Similar to yesterday’s trends, gold prices were initially under pressure due to the strengthening dollar amid rising speculation regarding the US Federal Reserve’s rate decision.
As per market expectations, the Federal Reserve raised its benchmark interest rate by a quarter percentage point on Wednesday evening but gave no indication that it is nearing the end of its rate hike cycle.
As markets try to calm down, gold and silver are likely to remain volatile throughout February. Gold has a support level of $1,928-1,895 and a resistance level of $1,932-1,957.
Silver has a support level of $23.70-24.0 and a resistance level of $24.1-24.3.
