ISLAMABAD: Gold price in the international market pushed higher on Tuesday, maintaining its highest level since February.
At 1325 hours GMT, gold in the international market was trading at $1,871 an ounce after gaining $3.60 an ounce in its value as compared to its closing value on Monday last.
Meanwhile, the price of 10 grams yellow metal in Pakistan has reached Rs91,800 after gaining Rs1,000. The closing price of 10 grams gold was recorded at Rs90,800 on Monday last According to analysts, gold prices are expected to be mixed in the coming week, as US dollar, treasury yields and rising inflation expectations are likely to weigh on the precious metal. Analysts are still watching gold’s $1,850 level closely as inflation pressures start to heat. Still, the uncertain economic outlook forces the Federal Reserve to remain patient and maintain its ultra-loose monetary policies.
Analysts have said that gold is in a sweet spot as more investors look for an inflation hedge. The renewed interest in gold comes after annual US CPI rose 4.2 percent last month, its most significant increase in 13 years. The next primary target would be the January highs above $1,900, according to the analysts. – TLTP