IN PAKISTAN, THE PRICE OF GOLD PER TOLA: 24-karat gold closed the session at Rs222,800, up Rs 2,200 per tola.

Examining the current year in review, the intraday price of 24-karat gold hit its lowest point on October 4, 2023, at Rs188,400, and its highest on September 2, recording Rs242,700 per tola. The recent upswing in domestic bullion prices correlates with a global surge in international gold prices. The spot gold market continued its rally, achieving another all-time high on the previous day. This surge is attributed to robust demand for Treasuries, with investors signaling expectations of a loosening monetary policy in 2024.

The price of 10-gram 24-karat gold closed today’s session at Rs191,015 posting a increase of Rs1,886. Meanwhile, 10-gram 22-karat gold stood at Rs175,097 from Rs173,368 a day earlier.

However, the price of silver remained stable, with 24-karat silver and 10-gram 24-karat silver selling at Rs2,680 and Rs2,297.66, respectively. Internationally, the spot silver market traded at $24.28, registering a slight 0.02% decrease on the day.

For the second day in a row, the Pakistan Stock Exchange (PSX) also saw gains as the benchmark index increased by more than 1800 points on Thursday. Two days after an absolute collapse, the bulls regained control when the representative share benchmark experienced its biggest day-over-day loss.

Moreover, the Pakistani Rupee (PKR) is composed to extend its winning streak against the US dollar for the 12th straight session, currently trading at PKR 281.87/282.07 per USD.

XAUUSD

The drop in US bond yields to their lowest level since July, coupled with swaps markets pricing in nearly a 90% chance of an interest rate cut by March, has bolstered the gold market. A lower bond yield diminishes the opportunity cost of holding zero-yielding gold, making it more attractive for investors. Currently trading at $2,074.1, gold is on track for its first yearly gain in three years, marking a 14.46% increase this year.

Gold prices (XAU/USD) are on a stable path, positioning them for their best year in three, driven by a variety of global economic factors and geopolitical pressures.

Gold futures have increased, positioning them for a significant annual gain. This performance demonstrates the resilience of gold in turbulent times, and it has also witnessed an increase in gold prices due to the expected decrease in interest rates.

Gold Spot/ U.S. Dollar (XAUUSD) in Wednesday’s session gained (+$9.77) (+0.47%). Gold gained $33.28 in the previous week.

GOLD WEEKLY TECHNICAL ANALYSIS

XAUUSD posted an intraday high of $2088.53 and intraday low of $2071.45. Gold is currently trading at $2075.53 (7:40pm Thursday, 29 December 2023 (GMT+5) Time in Pakistan).

XAUUSD_2023-12-28_19-40-51

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