Gold price expected to inch up in near term

8
Islamabad

After closing the last week on a positive note at $1,768.40 per ounce, with a gain of $10.30 (+0.59 percent) on a week-on-week basis, gold is expected to edge slightly higher in the near term.

Overall, the gold price has shed around 4 percent during the last five weeks, with a major dip of 1.60 percent in price was witnessed on Friday last due to rebound in the US Treasury yields.

Meanwhile, the price of gold increased by 0.94 percent in Pakistan during the last week. The price of 10 grams of yellow metal in Pakistan was Rs96,300 at the opening of the last week and it increased to Rs97,200 to close the week.

The difference in appreciation in gold price in the local and international markets was due to depreciation of the local currency. —TLTP

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