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Gold price increases to Rs90,400 per 10gm

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ISLAMABAD: Gold price went slightly down on Tuesday after gaining almost one percent in its value a day earlier.
At 11:55am GMT, gold in the international market was trading at $1,783.30 an ounce after losing $1.40 an ounce in its value as compared to its closing value on Monday last. The US Federal Reserve’s hiking of interest rates is the main reason for gold’s drop down, as it strengthened the US dollar.
Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs90,400 with a gain of Rs400. The price of yellow metal in the country remained Rs90,000 on Monday. As the closing price of gold in the international market was higher than the price at market closing time in Pakistan on Monday, the price of the commodity went up in the country.
According to analysts, gold has room to fall towards $1766 an ounce in the coming days. Gold price is heading back towards the two-month lows amid a turnaround in the risk sentiment. Gold turned south amid a pick up in the US dollar recovery, underpinned by worsening market mood, they further opined. – TLTP