Gold drops despite global gains on oil

On Monday, gold prices had increased Rs1,400 per tola to Rs423,436.Internationally, spot gold rose 0.9% to $4,051.78 per ounce by 10:59 am ET (1459 GMT), after touching an intra-day low of $3,987.14, as per Reuters.

US gold futures for December delivery gained 0.69% to $4,066.40 per ounce.Adnan Agar, Director at Interactive Commodities, said international gold prices had moved upwards during the day, reaching the high of $4,070 per ounce and trading around $4,061 at the time of assessment.

The session's low stood at $3,985.He said the market had shown a modest recovery, but its direction in the coming days would depend on whether prices could break through the $4,150 and $4,200 levels.

"If these levels are crossed, the outlook will improve; otherwise, there are chances of a downward trend," he said.Agar identified $4,000 as a strong support level, suggesting that gold could rebound if prices held above it.

However, a decisive break below that level could expose the market to further downside pressure.Market participants are closely watching the Federal Reserve's policy meeting for signals about the future path of US rates, which could influence the dollar, bond yields and the appeal of non-yielding bullion."Softer oil prices will probably provide some lift for gold because it relieves the inflation worries and arguably moderates Fed hawkishness to some degree," said….

However, expectations surrounding interest rates remain a key driver of gold's near-term direction.Silver prices in Pakistan also declined, falling Rs85 to Rs5,793 per tola.

In international markets, silver rose 0.8%, while platinum gained 0.3%.Meanwhile, the Pakistani rupee extended its marginal gains against the US dollar, appreciating Rs0.01 to close at Rs276.80 in the inter-bank market.

On Monday, the local currency had closed at Rs276.81 against the greenback.Internationally, the dollar index held steady near a one-week high of 102.04 as a technology-led rebound on Wall Street revived risk appetite, while investors awaited earnings from major technology companies and the US midterm elections. This material may not….

Gold drops despite global gains on oil Our Correspondent | Updated 3 minutes ago | Falls Rs1,300/tola; investors await Fed decision; rupee inches up.