Gold price rises to Rs242,500 per tola

Gold price in the country surged by Rs500 per tola following an uptick in the price of the yellow metal in the international market.
According to the data provided by the Karachi Sarafa Association, the price for one tola of 24-karat gold increased to Rs242,500 from Rs242,000. Similarly, the price for 10 grams of 24-karat gold increased to Rs207,905 from Rs207,476, showing an uptick of Rs429. Following suit, the price for 10 grams of 22-karat gold increased to Rs190,580 from Rs190,186, going up by Rs394.
Earlier, the gold price per tola increased by Rs1,100 on Wednesday after decreasing by Rs7,800 on Tuesday and Rs3,500 on Monday.
It may be noted that the gold price hit an all-time high in Pakistan on Saturday last when it reached Rs252,200. Earlier gold price per tola in Pakistan hit all-time high of Rs251,900 on April 17, Rs247,300 on April 16 and Rs247,600 on April 9.
On the other hand, gold futures in the international market as of 1315 hours GMT, were available at $2,318.80 per ounce, showing an uptick of $3.60. Out of the $3.60 increase, -$3.5 was due to strengthening of the US dollar and +$7.10 was due to predominant buyers, according to the Kitco Gold Index.
Gold price attracted some dip-buying in the vicinity of the $2,300 mark. The benchmark 10-year US Treasury bond yield went up more than one percent on the day above 4.7 percent after the US GDP report, making it difficult for the gold price to extend its rally. Traders, however, might prefer to wait for more cues about the Federal Reserve’s rate cut path before placing aggressive directional bets.
From a technical perspective, the oscillators on the daily chart were still holding in the positive territory. The yellow metal enjoys support at the round figure $2,300, which if broken, the next support lies at $2,290. The subsequent downfall has the potential to drag the price to the $2,260-2,255 area. On the flip side, immediate resistance is pegged near the $2,325 area ahead of the overnight swing high, the $2,337-2,338 zone. A sustained move beyond could allow the gold price to test the next relevant hurdle near the $2,350-2,355 region.