Gold price eases to Rs91,700 per 10gm

Observe Report

Gold price in the international market eased slightly on Wednesday by around 0.25 percent. The price for the yellow metal has been over three-month high as dollar continues to tumble, and US yields edged lower.

Weaker than expected US housing starts weighed on yields and put downward pressure on the dollar.

At 1235 hours GMT, gold in the international market was trading at $1,865.40 an ounce after shedding $4.70 an ounce in its value as compared to its closing value on Tuesday last.

Meanwhile, the price of 10 grams yellow metal in Pakistan has reached Rs91,700 after shedding Rs100. The closing price of 10 grams gold was recorded at Rs91,800 on Monday last.

According to analysts, gold has surged aggressively since the start of the week around the narrative that we could see inflation pick-up in an environment where the Fed is resistant to tightening.

They said that the dollar index stood close to a near three-month low against its rivals, making gold less expensive for other currency holders.


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