Gold price jumps to Rs94,600 per 10gm

ISLAMABAD: The price of gold was pressured by fresh dollar strength and went down by 0.40 percent on Tuesday.
At 13:00 GMT, gold in the international market was trading at $1,894 an ounce after shedding $6.70 an ounce in its value as compared to its closing value on Monday last.
Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs94,600 with a gain of Rs800, as international price of gold was low during the Asian trading hours a day earlier. The price of yellow metal remained Rs93,800 on Monday.
The market participants are focused on May Consumer Price Index (CPI) data of the United States. In April, the CPI jumped to 4.2 percent on a yearly basis from 2.6 percent in March and gold lost more than 1 percent on the day of the release, reaffirming gold’s sensitivity to inflation readings and suggesting that a positive surprise in CPI could weigh on gold and vice versa. – TLTP