10gm gold loses Rs1,300 to close at Rs89,200

ISLAMABAD: Gold prices eased over 1.25 percent in the international market on Tuesday due to the firm dollar, as US Fed gave mixed signals on interest rate hike even as US Fed had reassured markets that interest rates will not be hiked quickly.

At 13:20 GMT, gold in the international market was trading at $1,757 an ounce after shedding $22.40 in its value as compared to its closing value on Monday last.
Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs89,200 with a loss of Rs1,300. The closing price of yellow metal in the country remained Rs90,500 on Monday.
According to analysts, bearish near-term technical charts and not much risk aversion in the marketplace at present are also weighing on the safe-haven metals.

They said that traders are awaiting Friday’s employment situation report for June from the US Labour Department – arguably the most important U.S. economic data point of the month. The key non-farm payrolls number is forecast to come in at up 700,000 compared to a rise of 559,000 in May. The unemployment rate was seen at 5.6 percent versus 5.8 percent in May, they said. – TLTP

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