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Gold climbs to recoup recent losses

390235 052857 updates

— Reuters/File
— Reuters/File
  • Gold price rise by Rs100 at Rs126,200 per tola.
  • Gold prices climb in international market as the US dollar weakened.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold prices finished higher on Tuesday to recoup slight loss incurred a day earlier, as it gained respite from the depreciation of the rupee following a slide to an all-time low today.

Gold was up Rs100 at Rs126,200 per tola and increased by Rs79 to Rs108,196 per 10 grams.

The rates of gold were Rs126,100 per tola and Rs108,110 per 10 grams on Monday.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams.

Gold climbs in international market

Gold prices climbed on Tuesday as the US dollar weakened and concerns over the spread of the Omicron coronavirus variant led bullion’s year-end rally to a more than one-month high.

Spot gold was up 0.3% at $1,816.70 an ounce, its highest since November 22, while US gold futures rose 0.5% to $1,818.20.

“While there are concerns over the Omicron variant, the investment demand is quite flat. So it is just the year-end rally since there is still some risk-on sentiment present,” said Jigar Trivedi, a commodities analyst at Mumbai-based broker Anand Rathi Shares.

“Gold may not rally too much in the absence of any major economic data and it will remain in this range,” Trivedi said, adding that the positive sentiment on gold at the moment is a result of a weaker dollar.

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— With additional input from Reuters

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