Gold strikes new high levels in interest rates reduction bets

Gold prices in Pakistan have risen to new high levels of all time on Monday, reflecting the international increase in precious metal more than $ 3,900 per ounce, fueled by increasing expectations to reduce US federal interest rates and increased economic and increased economic and increased economic and politics.

According to the Pakistan Association Sarafa Gems and Jewelers (Apsgja), the price of gold per Tola reached RS415,278 after an increase in a day of RS5,400, while the rate for 10 grams increased by RS4,629 to be installed on RS356,033. On Saturday, the Per-Tola price had already climbed RS409,878 after a profit of Rs2,100.

The last race marks a continuation of the victory of gold, during which the metal has repeatedly set new records. However, analysts now warn that the race can be excessive.

In a report on X, Walter Bloomberg’s Walker reported the Bank of America (BOFA), saying that the gold wave can “cool as it approaches $ 4,000/oz”. The bank noted that such seven weeks of ups have been historically followed by short -term surfaces since 1983, adding that gold is now well -negotiated well above the basic averages, with momentum indicators blinking over -corrosion signals.

BOFA expects a pause or correction before any refreshed upward movement, possibly for $ 5,000 per ounce in the long run.

Commenting on the situation, Adnan Agar’s interactive manager said the recent gold power has stretched the rally. “Gold is still standing at the same high. So far, he has set a high amount of $ 3,950, and is about $ 3,947,” he said.

“As soon as the market has been opened, it increased by $ 50-60. Now, warnings are also coming from international brokers, because the race has been stretched long, for seven weeks, the candles have closed green-prices have increasing.

Agar added that the $ 4,000 level is a psychological resistance, urging many investors to make profits, which could lead to a $ 100-200 correction before the next inflatable foot.

“We believe that the market will come close to $ 4,000. Then it will be corrected by $ 100-200, and then repeat its upward move,” he said. Meanwhile, silver prices also recorded an uptick, increasing by RS53 per Tola to reach RS4,949.

Pakistani Rupia recorded a slight upward trend against the US dollar in the market cross -section on Monday. By the end of the day, the local currency was 281.25, marking a moderate assessment of a Paisa.

Last week, Rupia also published a marginal weekly profit, boosting 11 Paisa, or 0.04%, against the dollar. According to data from the Pakistani State Bank (SBP), Rupia had closed last week at 281.26 compared to 281.37 a week earlier.