Gold price surged 0.5 percent amid growing concerns over negative impacts of the Russia-Ukraine war on the global economy.
As of 1415 hours GMT on Tuesday, gold in the international market was available at $1,919.70 per ounce, gaining $11. Out of $11 per ounce increase, -$6.45 was due to the dollar’s strengthening and +$17.45 was due to predominant buyers, according to Kitco Gold Index.
The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, increased to Rs109,500 after gaining Rs100. Gold in the local market was available at Rs109,400 on Monday last. The impact in local prices was relatively lower due to a slight appreciation of the Pakistani rupee against the US dollar as well as overnight decrease in gold prices internationally when the local market was closed. According to experts, gold is breaking higher once again above $1,900, having found strong buyers earlier in the Asian session. A sense of calm prevails on the Russia-Ukraine conflict front, compelling US dollar bulls to give up their control while lifting the bright metal.
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