Karachi October 4 2022: According to Sindh Sarafa Jewelers Association, the price of gold per tola increased by a Rs 2,150.
After this increase, the price of gold per tola in the country has reached 1 lakh 48 thousand 450.
The price of 10 grams of gold increased by Rs 1,843 in today’s trading to Rs 1 lakh 27 thousand 272 rupees.
In the global market, the price of gold increased by 38 dollar per ounce to 1,704 dollars per ounce.
Gold extended an advance past $1,700 as weak US data drove a significant sentiment shift in the precious metals markets, Bloomberg reported.
The metal is now closing in on its 50-day moving average after surging Monday when a US manufacturing gauge slumped more than expected. The price has traded mostly below the technical marker since April, a sign of poor sentiment that saw bullion slump into a bear market.
Now the metal is at a crucial juncture as traders await US nonfarm payrolls this week for more clues on the future path of central bank monetary policy. A weaker-than-expected print could further diminish rate hike expectations, bolstering bullion at a significant technical turning point.
“Gold has broken the $1,700 an ounce mark again meaning that the break below $1,660-1,700 an ounce was for me a false break,” said Georgette Boele, an analyst at ABN Amro Bank NV. “We probably have seen the lows for now.”
