{"id":7968,"date":"2025-05-21T00:04:16","date_gmt":"2025-05-21T00:04:16","guid":{"rendered":"https:\/\/ipp-news.com\/?p=7968"},"modified":"2025-05-21T00:04:16","modified_gmt":"2025-05-21T00:04:16","slug":"gold-inches-up-over-global-rally","status":"publish","type":"post","link":"https:\/\/ipp-news.com\/?p=7968","title":{"rendered":"Gold inches up over global rally"},"content":{"rendered":"
Gold prices in Pakistan remained relatively stable on Tuesday, despite a rise in international markets for the precious metal. The increase was influenced by a weakening US dollar and ongoing uncertainty about the US tariff policies as well as ceasefire talks between Russia and Ukraine.<\/p>\n

Domestically, the price of gold inched up Rs300 per tola, reaching Rs342,800, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of 10-gram gold rose Rs257 to Rs293,895.<\/p>\n

This follows a significant gain on Monday when gold surged Rs4,000 per tola and settled at Rs342,500.<\/p>\n

Interactive Commodities Director Adnan Agar noted that gold trading remained subdued throughout the day. “Today’s range was relatively narrow, with a high of $3,250 and a low of $3,206, while the market opened at $3,234. Currently, prices are hovering around $3,224,” he said.<\/p>\n

Agar added that the $3,200 level was emerging as a key support zone. “The market is consolidating within a $50 range. If prices close above $3,250 to $3,280 in the next two to three days, we may see a bullish breakout. However, a close below $3,200 could signal renewed downward pressure.”<\/p>\n

Globally, gold prices rose more than 1% on Tuesday as the US dollar weakened further, while uncertainty persisted over Trump’s tariff policy and the Russia-Ukraine ceasefire, according to Reuters.<\/p>\n

Spot gold was up 1.6% at $3,280.32 an ounce by 1049 ET (1449 GMT), while US gold futures were 1.5% higher at $3,283.10.<\/p>\n

The dollar slipped again on Tuesday, weighed down by the Federal Reserve’s caution over the economy, having sold off broadly on Monday after ratings agency Moody’s downgraded the US sovereign rating last week.<\/p>\n

A softer dollar makes bullion cheaper for buyers holding other currencies.<\/p>\n

“There’s still a level of uncertainty out in the market. Most notably, the Moody’s downgrade and the weakening dollar have supported the precious metals complex overall,” said David Meger, Director of Metals Trading at High Ridge Futures.<\/p>\n

Meanwhile, the Pakistani rupee weakened slightly against the US dollar in the inter-bank market, registering a marginal depreciation of 0.05%. By the end of trading, the local currency settled at 281.92, down Rs0.15 compared to Monday’s closing rate of 281.77.<\/p>\n

In the international market, the US dollar remained range bound after a week of gradual losses. The greenback’s movement was constrained by the Federal Reserve’s cautious economic outlook and progress among US lawmakers towards passing legislation, which was expected to further expand the country’s fiscal deficit.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Gold prices in Pakistan remained relatively stable on Tuesday, despite a rise in international markets for the precious metal. The increase was influenced by a weakening US dollar and ongoing uncertainty about the US tariff policies as well as ceasefire talks between Russia and Ukraine. Domestically, the price of gold inched up Rs300 per tola, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-7968","post","type-post","status-publish","format-standard","hentry","category-english-news"],"_links":{"self":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/7968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7968"}],"version-history":[{"count":0,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/7968\/revisions"}],"wp:attachment":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}