GOLD PER TOLA RATE IN PAKISTAN TODAY
On Tuesday, the price of per tola of 24 karat gold remained unchanged at Rs.214,500. Similarly, the rates for 10 grams of 24 karat and 10 gram 22 karat gold also saw no fluctuations, holding steady at Rs.207,047 and Rs.189,793, respectively.
SILVER PRICES HOLD STEADY
The price of per tola and ten gram silver remained stagnant at Rs.2,850 and Rs.2,443.41, respectively.
INTERNATIONAL GOLD MARKET UNCHANGED
In the international market, the price of gold also remained constant at $2,324, as reported by the Association.
A DAY EARLIER!
Gold (XAU/USD) Holds Steady Amidst Market Dynamics
Gold (XAU/USD) continued trading within a familiar range in the $2,320-$2,330s on Tuesday, just below the 50-day Simple Moving Average (SMA). According to Kitco’s Jim Wyckoff, the market saw “short-covering” by futures traders and “bargain hunting” by longer-term investors, suggesting a phase of accumulation amidst expectations of a potential rally.
Geopolitical Uncertainty and Economic Factors Boost Gold’s Appeal
Unresolved conflicts in the Middle East and Ukraine, along with political shifts in Europe and global trade tensions, highlight Gold’s role as a safe-haven asset. Amidst growing fractures between East and West and uncertainties surrounding the dominance of the US Dollar, Gold emerges as a prominent player in the evolving global economic landscape.
Fed’s Impact on Gold Prices
The Federal Reserve’s cautious stance on interest rate cuts has kept Gold in a range. The delay in rate cuts, despite inflation nearing the Fed’s target, maintains a high opportunity cost for holding Gold as a non-interest-bearing asset. Traders are closely watching Fed Chairman Jerome Powell’s commentary and upcoming US economic data releases, which could influence Gold’s trajectory.
Technical Analysis and Market Outlook
Technically, Gold faces resistance below the 50-day SMA, reflecting cautious market sentiment. Recent price movements have shown resilience despite lower-than-expected US economic data and rising Treasury yields, factors typically seen as negative for Gold.
