Gold witnesses highest 16-month weekly close with 4.44pc gain

ISLAMABAD: Gold price witnessed its highest weekly close since November 2020 last week as geopolitical concerns centring on Russia have revived yellow metal’s demand as a safe haven.

Gold futures closed the week on a bullish note in the international market at $1,972.90 per ounce, gaining $83.90 (+4.44 percent) on a week-on-week basis amid risk sentiment, as Russia is showing no intention of de-escalating the conflict with Ukraine unless meeting its targets.

Reports of Russia attacking the Zaporizhzhia nuclear power plant in Ukraine triggered a bout of flight to safety and provided another boost to the yellow metal on the last working day of the week. However, any diplomatic development to cool down the war through table talks between Russia and Ukraine may increase appetite for riskier assets and will surely be detrimental for the safe-haven gold. The market action has always shown that gold is the go-to safe-haven asset but it’s also the one that’s being sold first when the mood improves.

The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, increased by 6.58 percent (+Rs7,000) to Rs113,400 from Rs106,400 during the last week. The Pakistani rupee depreciated 0.22 percent against the US dollar last week, which also impacted local gold prices negatively.

Geopolitics is likely to remain the primary market driver next week too, as investors will remain focused on the Russia-Ukraine crisis, and the risk perception is likely to continue to impact gold’s market valuation. Gold rallied wildly throughout the week amid risk perception and closed near its highest level since September 2020, which is $1,974 per ounce. All this is happening at a time when the US dollar’s strength is at a multi-year high as the US Federal Reserve has hinted at the possibility of a 50 basis points rate hike in the current month. Another leg higher in the benchmark 10-year US Treasury bond yields can limit the yellow metal’s gains.

The European Central Bank (ECB) will announce its policy decisions on Wednesday and could adopt a dovish stance amid heightened concerns over the potential negative impact of the Russia-Ukraine war on the Eurozone’s economic outlook. In that case, gold is likely to remain attractive. The yellow metal may continue to find demand unless investors see convincing signs of a de-escalation of the Russia-Ukraine conflict.

From a technical perspective, gold’s near-term outlook is still bullish. The ascending trend line coming from early February stays intact, the Relative Strength Index (RSI) indicator on the daily chart sits above 70 and the price holds way above the 20-day, 50-day, 100-day and 200-day SMAs. However, the RSI above 70 also indicates that gold may face correction and price may move sideways before taking any upward and downward slide.

On the upside, the first resistance awaits at $1,975, which is the February 24, 2022 high. If buyers manage to cross this resistance, the next static level at $2,000 could be seen as the next hurdles.

On the flip side, the initial support level is located at $1,950 and if gold makes a daily close below this level, it could extend its downward slide towards $1,920.

- Advertisement -

8 COMMENTS

  1. All gold backed cryptocurrencies are derivative assets that allow you to buy, sell, and hold actual gold at any time and in any location. They eliminate the transportation hassles, illiquidity, transferability, and volatility associated with dealing with physical gold. So, I prefer crypto over gold 😉

  2. I lost all my life crypto savings on my Trüst Wallet and I couldn’t explain if it was a phishing link I entered or so, but all I can say is my wallet was wiped. I read so much about Hack West who I decided to contact and trust me, Hack West didn’t disappoint. He recovered all the lost tokens as well as my coins (bitcoin and ethereum) worth about $231.000 as of then. His charge was moderate and he kept me informed about every step. You can reach Hack west via: Email: Hackwest at writeme dot com
    WhatsApp: + 1 424 307 2638
    Telegram: @Hackwest

  3. Almost all information online can be altered, deleted, included and the list goes on, and these can serve you in various valuable ways.
    Hack West is a team of professional hackers and serving you is our priority.
    They offer the following services and more…
    *. Consulting services.
    *. Email password retrieval.
    *. Credit repair [revolving and installment tradelines}.
    *. Student loans payment.
    *. Phone hack.
    *. Clearing of criminal records.
    *. Recovery of lost funds on Binary Options and Capital investments.
    *. Database retrieval and so much more.

    I highly recommend this hacker known as Hack West. He is private and can help get your grades fixed on any of the university school portals; I have used him a couple of times to help fix my bad grades and referred him to a lot of friends who have worked with him. He helps pay off student loans too. If you need him urgently you can contact him via hackwest at writeme dot com or whatsapp +1 424 307 2638.

  4. 𝑰 𝒂𝒅𝒗𝒊𝒔𝒆 𝒆𝒗𝒆𝒓𝒚𝒐𝒏𝒆 𝒐𝒖𝒕 𝒕𝒉𝒆𝒓𝒆 𝒕𝒐 𝒑𝒍𝒆𝒂𝒔𝒆 𝒅𝒐 𝒚𝒐𝒖𝒓 𝒐𝒘𝒏 𝒓𝒆𝒔𝒆𝒂𝒓𝒄𝒉 𝒃𝒆𝒇𝒐𝒓𝒆 𝒊𝒏𝒗𝒆𝒔𝒕𝒊𝒏𝒈 𝒊𝒏 𝒂𝒏𝒚 𝒐𝒇 𝒕𝒉𝒆𝒔𝒆 𝒐𝒏𝒍𝒊𝒏𝒆 𝒄𝒓𝒚𝒑𝒕𝒐 𝒄𝒖𝒓𝒓𝒆𝒏𝒄𝒚 𝒕𝒓𝒂𝒅𝒊𝒏𝒈 𝒑𝒍𝒂𝒕𝒇𝒐𝒓𝒎𝒔. 𝑴𝒚 𝒃𝒐𝒚𝒇𝒓𝒊𝒆𝒏𝒅 𝒊𝒏𝒕𝒓𝒐𝒅𝒖𝒄𝒆𝒅 𝒎𝒆 𝒕𝒐 𝒐𝒏𝒆 𝒔𝒖𝒄𝒉 𝒑𝒍𝒂𝒕𝒇𝒐𝒓𝒎 𝒄𝒂𝒍𝒍𝒆𝒅 𝒃𝒊𝒕𝒃𝒚𝒃𝒊𝒕 𝒕𝒓𝒂𝒅𝒊𝒏𝒈 𝒘𝒉𝒆𝒓𝒆 𝒉𝒆 𝒉𝒂𝒅 𝒊𝒏𝒗𝒆𝒔𝒕𝒆𝒅 $200,000 𝒘𝒉𝒊𝒄𝒉 𝒘𝒐𝒖𝒍𝒅 𝒈𝒆𝒏𝒆𝒓𝒂𝒕𝒆 $400,000 𝒘𝒊𝒕𝒉𝒊𝒏 2 𝒘𝒆𝒆𝒌𝒔. 𝑨𝒇𝒕𝒆𝒓 𝒎𝒖𝒄𝒉 𝒄𝒐𝒏𝒗𝒊𝒏𝒄𝒊𝒏𝒈 𝒇𝒓𝒐𝒎 𝒉𝒊𝒎, 𝒊 𝒔𝒂𝒘 𝒊𝒕 𝒂𝒔 𝒂 𝒍𝒖𝒄𝒓𝒂𝒕𝒊𝒗𝒆 𝒐𝒑𝒑𝒐𝒓𝒕𝒖𝒏𝒊𝒕𝒚 𝒂𝒏𝒅 𝒔𝒐 𝒊 𝒋𝒖𝒎𝒑𝒆𝒅 𝒐𝒏 𝒊𝒕 𝒂𝒏𝒅 𝒊𝒏𝒗𝒆𝒔𝒕𝒆𝒅 𝒎𝒚 $150,000 𝒕𝒐 𝒆𝒂𝒓𝒏 $300,000 𝒘𝒊𝒕𝒉𝒊𝒏 𝒕𝒉𝒆 𝒔𝒂𝒎𝒆 𝒑𝒆𝒓𝒊𝒐𝒅 𝒂𝒔 𝒎𝒚 𝒓𝒐𝒊. 𝑰 𝒔𝒕𝒂𝒓𝒕𝒆𝒅 𝒏𝒐𝒕𝒊𝒄𝒊𝒏𝒈 𝒓𝒆𝒅 𝒇𝒍𝒂𝒈𝒔 𝒘𝒉𝒆𝒏 𝒕𝒉𝒆𝒚 𝒂𝒔𝒌𝒆𝒅 𝒎𝒚 𝒇𝒓𝒊𝒆𝒏𝒅 𝒕𝒐 𝒑𝒂𝒚 𝒇𝒐𝒓 𝒔𝒖𝒄𝒉 𝒄𝒉𝒂𝒓𝒈𝒆𝒔 𝒕𝒐 𝒇𝒂𝒄𝒊𝒍𝒊𝒕𝒂𝒕𝒆 𝒕𝒉𝒆 𝒘𝒊𝒕𝒉𝒅𝒓𝒂𝒘𝒂𝒍 𝒑𝒓𝒐𝒄𝒆𝒔𝒔 𝒘𝒉𝒊𝒄𝒉 𝒘𝒂𝒔 𝒏𝒆𝒗𝒆𝒓 𝒔𝒖𝒄𝒄𝒆𝒔𝒔𝒇𝒖𝒍. 𝑻𝒉𝒆 𝒔𝒂𝒎𝒆 𝒉𝒂𝒑𝒑𝒆𝒏𝒆𝒅 𝒕𝒐 𝒎𝒆 𝒘𝒉𝒆𝒏 𝒎𝒚 2 𝒘𝒆𝒆𝒌𝒔 𝒘𝒆𝒓𝒆 𝒅𝒖𝒆, 𝒃𝒚 𝒕𝒉𝒆 𝒕𝒊𝒎𝒆 𝒘𝒆 𝒓𝒆𝒂𝒍𝒊𝒛𝒆𝒅 𝒊𝒕 𝒘𝒂𝒔 𝒂 𝒔𝒄𝒂𝒎, 𝒕𝒉𝒆𝒚 𝒉𝒂𝒅 𝒂𝒍𝒓𝒆𝒂𝒅𝒚 𝒓𝒐𝒃𝒃𝒆𝒅 𝒖𝒔 𝒐𝒇 𝒂 𝒕𝒐𝒕𝒂𝒍 𝒐𝒇 $650,000. 𝑾𝒆 𝒐𝒑𝒕𝒆𝒅 𝒕𝒐 𝒉𝒊𝒓𝒆 𝒂 𝒉𝒂𝒄𝒌𝒆𝒓 𝒂𝒏𝒅 𝒇𝒐𝒖𝒏𝒅 𝒎𝒊𝒄𝒉𝒂𝒆𝒍 𝒎𝒖𝒓𝒑𝒉𝒚 𝒘𝒉𝒐 𝒕𝒐𝒐𝒌 𝒐𝒖𝒓 𝒄𝒂𝒔𝒆, 𝒂𝒏𝒅 𝒊𝒏 72𝒉𝒐𝒖𝒓𝒔, 𝒉𝒆 𝒉𝒂𝒅 𝒕𝒓𝒂𝒄𝒌𝒆𝒅 𝒕𝒉𝒆 𝒔𝒄𝒂𝒎𝒎𝒆𝒓𝒔 𝒂𝒏𝒅 𝒓𝒆𝒇𝒖𝒏𝒅𝒆𝒅 𝒐𝒖𝒓 𝒎𝒐𝒏𝒆𝒚. 𝑪𝒐𝒏𝒕𝒂𝒄𝒕 𝒕𝒉𝒆𝒎 𝒐𝒏 𝒎𝒊𝒄𝒉𝒆𝒂𝒍𝒎𝒖𝒓𝒑𝒉𝒚@𝒓𝒆𝒑𝒂𝒊𝒓𝒎𝒂𝒏.𝒄𝒐𝒎.

  5. Are you looking for fast and effective credit hacks to boost your credit score and erase negative items from your record? Then I strongly recommend Metronet Credit Solution, they are fast, effective and legit. They came through for me when I thought all hope was lost. You can reach them on their mail: metronetcreditsolution at gmail dot com

  6. Fastgrowing Codes has constructed a Field loaded with rebate codes, promotion codes, and coupons also. Shopping is something typical around us and we comprehend that individuals focus on greater quality and amount in their arranged financial plans, to that end Fastgrowing Codes is offering best stage for the purchasers from one side of the planet to the other. We urge you to shop with limited coupons presented by Fastgrowing Codes. Many stores are standing by to invite you with by the drove number of best arrangements inside the Fastgrowing Codes. You will likewise realize more obviously in the wake of getting associated with us, so don’t make us pause and ‘purchase with joy’.

Comments are closed.

- Advertisement -

Must Read