Gold price increases to Rs90,200 per 10gm

Observer Report

Gold built on Wednesday’s recovery moved from the vicinity of the $1,750 level, or two-and-half-month lows, and gained traction for the second consecutive session on Thursday.

Gold prices increased over 0.30 percent in the international market as of 14:15 GMT despite a stronger US dollar.

Gold in the international market was trading at $1,777.50 an ounce after gaining $6.30 in its value as compared to its closing value on Wednesday last.

Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs90,200 with a gain of Rs800. The closing price of yellow metal in the country remained Rs89,400 on Wednesday.

According to analysts, any meaningful upside still seems elusive amid the prevalent strong bullish sentiment surrounding the US dollar.

A stronger greenback tends to undermine demand for dollar-denominated commodities, including gold.

The markets have been speculating that the Fed will tighten its monetary policy if price pressures continue to intensify.

The market expectations were further cemented by the overnight hawkish comments from Dallas Fed President Robert Kaplan.

In an interview, Kaplan said that they are seeing a broadening of price pressures and would prefer to taper sooner than the end of the year.

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