ISLAMABAD: Gold prices ended the week flat and gained around $0.90 during the period, as the US dollar’s pullback and Covid-19 concerns kept the prices in check.
Gold in the international market was available at $1,781.50 per ounce at the end of the week on Friday.
Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs94,000 after shedding Rs100. The closing prices of the yellow metal in the country remained Rs94,100 on Thursday last.
The yellow metal rises the most in four days as the US dollar steps back from a nine-month high amid mixed clues. The US Dollar Index (DXY) steps back from the multi-day high that refreshed early in Asia, down 0.05% to 93.52 at the latest. The greenback gauge initially jumped to the new high of 2021 while extending the previous day’s upside moves, backed by the virus-led risk-off sentiment and tapering concerns.
New Zealand extends the virus-led initial three-day lockdown to August 24 after the Covid infections spread out from Auckland to the capital Wellington while Australian Covid cases eased after refreshing the record top the previous day. Germany reports the highest daily Covid cases in three months while numbers from the UK and the US also challenge the market optimism.
However, China’s daily Covid-19 cases dropped to 33 versus 46 marked on Thursday. The UK’s push for vaccinating 12-17 years old and the American rush for booster shots portrays vaccine optimism. On the same line was the Western leaders’ readiness to help the struggling Asia-Pacific nations with jabs.
Also positive was the news that Japan’s cabinet approved a 9.27-billion-yen ($84.50 million) emergency budget to help the country’s self-defence forces carry out medical aid amid the coronavirus pandemic. Additionally, the South China Morning Post (SCMP) report signaling Beijing’s easy move on Hong Kong also slowed down the rush to risk safety. – TLTP