Gold jumps Rs6,600 on global rally
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Gold prices in Pakistan surged on Wednesday in tandem with gains in the international market, where bullion extended its upward streak for a third consecutive session, reaching a one-week high. The global rally was driven by a softer US dollar and renewed safe-haven demand amid prevailing economic and geopolitical uncertainty.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the domestic market rose sharply by Rs6,600, settling at Rs349,400. Similarly, the rate for 10 grams increased by Rs5,659 to Rs299,554.
A day earlier, gold prices had edged up by Rs300 per tola, reaching Rs342,800.
Adnan Agar, Director at Interactive Commodities, noted that while gold is currently trading around $3,310 in the international market, it faces significant resistance near the $3,350 level. "There is potential for further upside if this resistance is breached, possibly pushing prices toward $3,380 and $3,420," he said. "However, if the market fails to break this level, a pullback toward $3,280 or even $3,270 is likely."
He added that trading remains relatively subdued, with gradual movement and limited momentum compared to previous sessions. Market activity may also be affected by the upcoming US bank holiday on Monday, which could influence global trading volumes and price direction in the short term.
Globally, gold prices rose for a third straight session on Wednesday and hit a one-week high, helped by a softer dollar and safe-haven demand amid economic and geopolitical uncertainty.
Spot gold was up 0.7% at $3,312.51 an ounce, as of 1553 GMT. US gold futures climbed 0.9% to $3,315.60.
The US dollar fell 0.6% against a range of other currencies, making gold less expensive to buy for overseas currency holders.
Wall Street's main indexes slipped and government bond yields rose, as investors closely watched a pivotal debate over US President Donald Trump's tax-cut bill that has fanned concerns about the country's growing debt.
The Pakistani rupee weakened slightly against the US dollar in the interbank market on Wednesday, posting a minor depreciation of 0.02%.
By the day's end, the local currency closed at 281.97, slipping by five paisas compared to the previous day's close of 281.92.
Ismail Iqbal Securities wrote that on a cumulative basis, the local currency has depreciated by 1.21% since the beginning of the calendar year (CYTD) and by 1.29% since the start of the fiscal year (FYTD).
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