Gold price increases to Rs97,000 per 10gm

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Islamabad

Gold prices inched down in the international market on Tuesday, as the US dollar gained strength following 4 percent inflation data against a projection of 4.2 percent that dropped the chances of Fed tapering.

Gold in the international market was available at $1,793.70 per ounce after shedding $0.80 at 1330 hours GMT.

Earlier, the gold price edged lower to $1,788 in the day. Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs97,000 after gaining Rs100. The closing prices of the yellow metal in the country remained Rs96,900 on Monday last.

The prices in the local market increased due to depreciation of the Pakistani rupee against the US dollar.

According to experts, expectations for an imminent Fed taper announcement and a modest uptick in the US Treasury bond yields turned out to be a key factor that exerted some pressure on the non-yielding yellow metal.

However, worries about the fast-spreading delta variant of the coronavirus and a global economic slowdown might lend some support to the traditional safe-haven gold. —TLTP

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