Gold Prices Fall for a Third Consecutive Session
LONDON: Gold fell for a third straight session on Tuesday as a rebound in European and US stock markets undermined the metal’s appeal as a haven from risk, and as the dollar strengthened against a currency basket.
A new development has come forth that china is controlling the prices and value of gold through and through.
Second Chinese Bank Sets Benchmark Price for Gold. While China is currently the biggest consumer of gold out of any country – including India – the Chinese government is also taking a more active role in financial markets and gold markets in general.
Moreover, outlook of gold, around $1,155 is the Line-in-the-Sand.
Gold has continued to catch support in the $1,161 area; continuing to pose a bullish near-term stance.
The price of gold dropped again, when a slight rise in the dollar "pushed investors to take profits on recent gains". Gold's first break above this barrier in five months would lead to a positive year-end close of above $1,200, gold's return to its recent price range is prompting predictions of a drop towards $1,000 an ounce.
As the US Federal Reserve continues to edge towards increasing interest rates later this year or early next, this lower price target might well persist into next year. Find live international gold bullion rates and its accurate converted prices in Pakistani rupees with different carats such as; 24K/Tola, 24K/10gm and 22K/Tola and 22K/10gm respectively.
Also the association of Karachi Saraf Jeweller is manage and set gold rates for local market of Karachi, gold rates from Karachi Saraf Jewelers association are available in carat 24K/Tola, 24/10gm, and carat 22K/Tola, 22K/10gm and silver per 10/gm rates for different cities like Karachi, Islamabad, Lahore and Rawalpinidi on daily basis.
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