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Gold prices rise ahead of key US data | The Express Tribune
KARACHI:
With bullish underlying factors, gold prices in Pakistan climbed on Wednesday, tracking a sharp rise in the international market, where the precious metal gained more than 1% as investors turned to safe-haven assets ahead of crucial US economic data releases.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs7,900 to Rs431,562. The rate for 10 grams increased by Rs6,773, closing at Rs369,994. The increase comes a day after prices fell sharply, with the per-tola rate declining by Rs7,000 to Rs423,662 on Tuesday.
Internationally, gold surged as markets awaited two major triggers – the release of the US Federal Reserve’s meeting minutes scheduled for late Wednesday night and the delayed US employment data expected on Thursday. Both indicators are seen as key determinants of the Fed’s policy direction and could sway investor sentiment significantly.
“Safe haven is undergoing fluctuations these days, but with bullish underlying factors,” said Adnan Agar, Director at Interactive Commodities, noting that gold was moving within critical technical levels and was showing heightened volatility. “Gold is fluctuating. Right now, it has a very ‘strong level’ of around $4,160. If it breaks and closes above that, there is a very high chance gold will head towards a new high,” he said. “If it fails to close above that mark and the market comes down again, it could return towards $4,050 or even $4,000.”
Agar added that the $4,000 mark acts as a strong support zone, both technically and psychologically, given its round-number significance. He also highlighted strong physical demand from China as a major factor preventing a deeper correction in global prices.
“There is a lot of demand for physical gold from China. Chinese investors and the general public are buying and China itself is also accumulating gold. Under normal circumstances, a $400-500 correction should have occurred by now, but strong physical demand has held the market up,” he noted.
The Russian central bank said on Wednesday that its sales and purchases of gold in the domestic market for the budget reserve, the National Wealth Fund, had been increasing in recent years due to the enhanced liquidity of gold, according to Reuters.
The Pakistani rupee marginally strengthened against the US dollar in the inter-bank market on Wednesday, closing at 280.66 after gaining Rs0.01 from Tuesday’s close at 280.67.
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