Karachi: Gold price increased to highest level since March 2022 after weak US economic data spurred safe-haven demand and expectations that Federal Reserve might loosen its stance on monetary policy tightening. Spot gold was up 0.3 percent at $ 2,025.49 per ounce in thin trade as China and Hong Kong markets were closed for holiday. US gold futures firmed 0.2 percent to $ 2,042.10. Dollar index hovered near two-month lows, making bullion cheaper for buyers holding other currencies.

“Gold could continue to tear to upside,” given slowing global economy with high inflation, said Clifford Bennett, chief economist at ACY Securities, adding that dollar’s weakness was allowing gold to leap higher.

Published in The Daily National Courier, April, 06 2023

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