According to Pakistan Sarafa Gems and Jewellers Association (PSGJS), the price of 10-gram gold climbed by Rs857, reaching Rs208,590.

However, the silver price remained stable, with the rate for one tola holding at Rs2,850 and for 10 grams at Rs2,443.41.

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In the international bullion market, gold triggered a weekly bullish reversal with a rally to a high of 2,365 before encountering resistance. It is on track to close above last week’s high of 2,340 thereby confirming strength of the breakout.

Yesterday’s high tested resistance around the three-week high of 2,369 and gold looks poised to breakout above it. During today’s ascent gold showed its strength by breaking out above two trendlines and the 50-Day MA at 2,338. Notice how the lines had converged before the breakout followed.