Gold price dips by Rs600 per tola in Pakistan

KARACHI: Gold prices in local market dropped on Monday, reflecting a decline in international rates. The price of gold per tola fell by Rs600, bringing it to Rs272,600.

The price of 10 grammes of gold decreased by Rs514, now standing at Rs233,711, according to figures shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Saturday, gold prices remained unchanged in Pakistan.

Internationally, the price of gold also dropped on Monday. As per the APGJSA, the global rate was $2,614 per ounce (with a premium of $20), following a $6 decrease during the day.

Meanwhile, silver rates remained steady at Rs3,350 per tola.

In the outgoing year, gold prices in Pakistan saw significant fluctuations, reaching record high of Rs287,900 per tola and a low of Rs210,800 per tola.

According to Reuters, gold prices dipped amid low trading activity on Monday, as markets anticipated key US economic data next week, along with the potential impact of President-elect Donald Trump’s return to office on the Federal Reserve’s outlook for 2025.

Spot gold was down 0.3 per cent to $2,611.39 per ounce as of 0854 GMT, while US gold futures also dropped 0.3 per cent to $2,624.00.

Earlier this month, US Federal Reserve Chair Jerome Powell noted that officials would remain cautious about additional rate cuts after the expected quarter-point reduction in December.

Traders are now focusing on upcoming US job openings data, the ADP employment report, the Fed’s December meeting minutes, and the US employment report—all expected to provide insight into the health of the world’s largest economy.

Looking ahead, analysts believe that the same factors supporting gold in 2024—such as central banks continuing to buy gold to diversify their reserves and US interest rate cuts—are likely to persist.

So far this year, gold has gained around 27 per cent, reaching an all-time high of $2,790.15 on October 31.

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