Gold price falls by Rs700 per tola

KARACHI: Gold prices on the first trading day of the week decreased by Rs700 per tola after increasing in the previous session.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), which shares gold prices on a daily basis, the new price of gold in Pakistan now stands at Rs275,000.

The price of 10-gramme gold in the country has also fallen. According to APGJSA, 10-gram gold is now priced at Rs235,768 after falling by Rs600.

Despite the drop in gold prices, silver prices in the local market remained unchanged at Rs3,350.

APGJSA said that the decline comes after international prices eased on Monday. The price of gold in the global market dropped by $7 to $2,632.

Earlier in the day, gold prices inched higher in the global market, supported by a softer dollar, while investors awaited a slew of US economic data, including the December non-farm payrolls report, for further guidance on the Federal Reserve’s interest rate stance.

Spot gold rose 0.2 per cent to $2,643.69 per ounce by 0229 GMT. US gold futures climbed 0.1 per cent to $2,656.80.

“A subdued start to the week by the US dollar is helping gold to eke out some gains,” said Tim Waterer, chief market analyst at KCM Trade.

How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, he said, adding that “there is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold.”

The US jobs report, due on Friday, is expected to provide more clues to the Fed’s rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.

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