Gold price drops by Rs2,600 per tola in Pakistan

KARACHI: Gold prices in Pakistan saw a decline on Thursday as the price of 24-karat gold per tola fell by Rs2,600, reaching Rs273,300 in the local market.

The price of 10 grammes of gold also dropped by Rs2,229, settling at Rs234,311, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

This follows a Rs1,000 increase in the price of gold per tola on Wednesday.

Silver prices in Pakistan decreased by Rs50, with the price per tola now standing at Rs3,350.

Globally, gold prices rose by more than 1 per cent in early trade, recovering from their lowest point in a month earlier in the session. This increase was attributed to short-covering, as markets awaited key US data that could provide further insight into the Federal Reserve’s policy direction.

As of 0251 GMT, spot gold gained 0.8 per cent, reaching $2,607.88 per ounce, while US gold futures eased by 1.2 per cent to $2,620.60.

Kelvin Wong, OANDA’s senior market analyst for Asia Pacific, commented, “Very short-term speculators are looking for opportunities to buy the dips, and gold’s recent gain is due to short-covering after the metal hit the psychological $2,600 level yesterday.”

He added that if US Personal Consumption Expenditures (PCE) data aligns with expectations, it may not cause much surprise. However, if PCE increases beyond 3 per cent, it could exert pressure on gold prices again.

Traders are now focusing on key US economic data, including GDP growth, initial jobless claims, and core PCE figures, for further clues about the Federal Reserve’s interest rate decisions for 2025.

Following the Fed’s recent decision to lower rates by 25 basis points, the market is bracing for fewer rate cuts by the end of 2025, which led to a decline in bullion prices, falling more than 2 per cent to their lowest level since November 18.

Gold price history (December 2024)

December 1: Gold price unchanged at Rs276,200 per tola (Sunday)

December 2: Gold price dropped Rs1,700 to Rs274,500 per tola

December 3: Gold price increased Rs700 to Rs275,200 per tola

December 4: Gold price remained unchanged at Rs275,200 per tola

December 5: Gold price increased Rs500 to Rs275,600 per tola

December 6: Gold price dropped Rs1,000 to Rs274,700 per tola

December 7: Gold price dropped Rs300 per Rs274,400 per tola

December 8: Gold price unchanged at Rs274,400 per tola (Sunday)

December 9: Gold price increased Rs2,000 to Rs276,400 per tola

December 10: Gold price increased Rs1,000 to Rs277,400 per tola

December 11: Gold price increased Rs3,100 to Rs280,500 per tola

December 12: Gold price increased Rs2,400 to Rs282,800 per tola

December 13: Gold price dropped Rs5,000 to Rs277,800 per tola

December 14: Gold price remained unchanged at Rs277,800 per tola

December 15 Gold price unchanged at Rs277,800 per tola (Sunday)

December 16: Gold price dropped Rs800 to Rs277,800 per tola

December 17: Gold price dropped Rs2,100 to Rs274,900 per tola

December 18: Gold price increased Rs1,000 to Rs275,900 per tola

December 19: Gold price dropped Rs2,600 to Rs273,300 per tola

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