New York (NY Today) After intense selling pressure, gold and silver prices recorded an increase of more than 2 percent on Tuesday.
The recovery came as the nomination of Kevin Warsh for US Fed chairman and CME Group tightening margin conditions sent precious metals prices to one-month lows.
Spot gold rose 2.2 percent to $4,767.33 an ounce, after hitting a nearly one-month low on Monday, according to Reuters. It may be recalled that gold had hit a record high of $5,594.82 per ounce on Thursday. U.S. gold futures for April delivery rose 3 percent to $4,791.10 an ounce.
Market analysts say the recent prices reflect a more reasonable level, as the market has seen unusual volatility in the past few weeks. According to him, the current recovery has brought prices closer to the level that started the second half of January.
Gold rose nearly 13 percent in January, the biggest monthly gain since November 2009, while silver rose 19 percent. However, after Warsh’s nomination, a strengthening dollar and increased margin conditions added pressure on precious metals.
CME Group raised margin requirements on precious metals futures after Monday’s market close. On the other hand, according to the US Labor Bureau, the January jobs report will not be released on Friday due to the partial government shutdown.
Investors expect the Federal Reserve to cut interest rates at least twice in 2026, and non-yielding gold typically performs better in a low interest rate environment.
Spot silver rose 2.8 percent to $81.61 an ounce, while platinum saw a slight gain and palladium fell slightly.
The price of gold increased by thousands of rupees, the price per tola crossed 5 lakhs
Karachi (NY Today) Gold prices have increased by thousands of rupees in global and local gold markets.
The price of gold per tola increased by 24 thousand rupees in the local exchange markets. After the increase, the price of 24 carat gold per tola became 5 lakh 14 thousand 362 rupees.
The price of 10 grams of gold increased by 20 thousand 576 rupees, after which the price of 10 grams of gold became 4 lakh 40 thousand 982 rupees.
On the other hand, the price of gold in the world market increased by 240 dollars to 4916 dollars per ounce.
It should be noted that in the local gold market, the price of gold was continuously falling for the last three days.