Following the Pakistani Rupee’s new all-time low versus the US Dollar in today’s interbank transaction, gold prices in Pakistan increased today (Friday).
Gold (24 carats) is now priced at Rs. 208,500 per tola, according to data provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). This increase was based on a rise in supply. Likewise, the cost of 10 grammes of gold rose by Rs. 1,114 to Rs. 178,775.
Aside from that, domestic silver prices increased by Rs. 50 per tola to Rs. 2,350 while the cost of 10 grammes of silver increased by Rs. 42.86 to Rs. 2,014.74.
After initially falling $7 during today’s early trading hours, spot gold prices on the international markets were up 0.14 percent. At 12:40 PM, the price of gold fell to $1,908 per ounce before barely regaining ground and reaching $1,915 at 18:10 PM.
The dollar’s strength and escalating rumours about the US Federal Reserve’s rate decision initially put pressure on gold prices, following yesterday’s patterns.
The Federal Reserve increased its benchmark interest rate by a quarter of a percentage point on Wednesday evening, in line with market forecasts, but it made no mention of the cycle’s end.
Silver and gold prices are likely to fluctuate throughout February as markets attempt to calm down. The support and resistance levels for gold are $1,928-1,895 and $1,932-1,957, respectively.
Silver’s support and resistance ranges are $23.70 to 24.0 and $24.1 to 24.3.
