Gold stays firm at Rs437,536 despite global uptick

The Express Tribune reported that gold prices in Pakistan were unchanged on Tuesday, with a tola priced at Rs437,536 in the local market, according to rates from the All-Pakistan Gems and Jewellers Sarafa Association. The 10-gram rate also held at Rs375,116, following a Rs1,200 per tola rise on Monday, while silver stayed at Rs6,588 per tola.

Abroad, the metal rose as the greenback lost ground and the climb in US Treasury yields stalled, lifting demand. Reuters reported spot gold at $4,163.16 an ounce by 12:22 pm EDT, up 0.6 per cent, while December US gold futures added 0.8 per cent, reaching $4,191. Traders are also looking ahead to Wednesday's release of the minutes from the Federal Reserve's September meeting for signals on monetary policy. Meanwhile, the rupee closed at 277.05 against the dollar, gaining Rs0.01 in the inter-bank market.

Adnan Agar, Director at Interactive Commodities, said the near-term technical outlook still leans toward pressure, with gold trading near $4,165 an ounce after a high of $4,175 and a low of $4,103. He noted that the metal has mostly traded between about $4,100 and $4,220 over the past week, and that declines could continue unless gold breaks above $4,280, with a possible slide toward $4,050 to $4,000. Separately, TD Securities holds a bullish longer-term view, projecting gold above $5,000 an ounce in the year ahead despite short-term risks.