Daily Times

Gold prices extended gains on Tuesday near a one-week peak hit in the last week, buoyed by a weaker rupee, while investors looked forward to economic developments that could influence the market direction. Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs500 per tola and Rs429 per 10 grams to settle at Rs197,000 and Rs168,896, respectively. In the international market, gold price fell by $12 per ounce to settle at $1,832 on a rise in the dollar while investors awaited US economic data to gauge the Federal Reserve’s interest rate strategy. The dollar index hovered around its highest in six weeks, making dollar-priced gold more expensive for buyers holding other currencies. “Gold’s primary driver remains the shifting expectations surrounding the Fed’s next policy moves, with perhaps more clues to be found within the upcoming FOMC minutes release,” said Han Tan, chief market analyst at Exinity. “Should the US economy continue defying the Fed’s rate hikes, that could invite a higher peak for US rates, much to the chagrin of bullion bulls.”