All Sindh Sarafa Jewellers Association reported on Tuesday that the 24 karat per tola gold sold at Rs273,500 against its sale at Rs.269,900.

It further reported that the price of 10 grams of 24 karat gold also went up by Rs3,086 to Rs234,482 from Rs. 231,396. It maintained that the price of 10 gram 22 karat gold increased to Rs214,942 from Rs212,113.

According to FX Street, gold price trimmed a part of its modest intraday gains to a one-week top and trades around the $2,620 level during the first half of the European session on Tuesday, still up for the second straight day.

It reported that the US Dollar (USD) attracts some dip-buyers and for now, seems to have stalled its retracement slide from the year-to-date touched last week amid expectations for a less dovish Federal Reserve (Fed). This, along with a generally positive tone around the equity markets, acts as a headwind for the non-yielding yellow metal, as per the FX Street report

Furthermore, the market conviction that US President-elect Donald Trump s expansionary policies could boost inflation and limit the scope for further interest rate cuts by the Fed keep the US Treasury bond yields elevated. This turns out to be another factor capping the upside for the Gold price. That said, geopolitical risks stemming from the protracted Russia-Ukraine war and the ongoing conflicts in the Middle East continue to offer some support to the safe-haven precious metal, warranting some caution before placing fresh bearish bets.