Gold price rebounds in local market, surpasses Rs275,000 per tola again

KARACHI: Gold prices in Pakistan on the second trading day of the week increased after witnessing a notable loss of Rs1,700 per tola in the previous session.

In the Pakistani market, the price of 24-karat gold witnessed a single-day increase of Rs700 per tola and ended the day at Rs275,200 per tola.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), which releases gold prices on a daily basis, the price of 10 grammes of 22-karat gold also edged higher to Rs216,278.

Silver prices in the country once again remained unchanged, with the price of 24-karat silver being sold at Rs2,400 per tola and Rs2,915 per 10 grammes.

International gold prices were steady on Tuesday as investors took a cautious stance ahead of the upcoming US economic data that could provide insights into the Federal Reserve’s interest rate path.

Spot gold was nearly unchanged at $2,638.73 per ounce, as of 0501 GMT, after falling as much as 1 per cent on Monday. US gold futures was 0.1 per cent up at $2,661.10.

Key US data this week includes the job openings due later in the day, the ADP employment report on Wednesday and the payrolls report on Friday.

“The next big thing is going to be the payrolls on Friday night because it’ll tell us whether the Fed is essentially going to green-light the interest rate cut in a couple of weeks,” said Kyle Rodda, financial market analyst at Capital.com.