Gold price increases to Rs93,600 per 10gm

Gold rate in Pakistan

Gold price came down slightly (-0.25 percent) on Friday after hitting the $1,830 mark.
As of 1355 GMT, gold was available in the international market at $1,825.90 per ounce after shedding $4.50.

Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs93,600 after gaining Rs300.

The increase in price of gold in the country was due the overnight increase in gold price when the local market was closed.

The closing prices of the yellow metal in the country remained Rs93,300 on Thursday. According to analysts, since late June, gold has been rising almost every trading week.

Over the last three weeks, the systematic rise has only recouped half of the losses from last month’s drop.

Despite the sustained presence, buyers are acting much more cautiously or simply have less strength, they said.

The latest bounce took the prices on Thursday to the area between the 50- and 200-day moving averages.

A decisive move higher can initiate a rally in the following days, as the crossing of these lines often triggers a mechanical market reaction in the direction of the break-up. —TLTP


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