Gold price rises as dollar eases from four-month high

Gold prices made modest gains on Thursday as the dollar eased from a four-month high, offering some relief to investors still grappling with uncertainty over the US economy and the ongoing government shutdown.

Spot gold rose 0.1 percent to $3,986.23 per ounce by 0427 GMT, while US gold futures for December delivery were up at $3,994.60. Despite the slight rebound, the metal has shed nearly 9 percent since touching a record high of $4,381.21 on October 20.

Dollar weakens, giving gold room to recover

Market analysts said gold’s movement was largely driven by the softer dollar, which slipped 0.2 percent after a strong run earlier in the week. A weaker dollar generally boosts gold’s appeal by making it cheaper for buyers holding other currencies.

“The dollar has nudged a bit lower, which has made it easier for gold to find some upward traction,” said Tim Waterer, Chief Market Analyst at KCM Trade.

Other precious metals mixed

In other metals, spot silver gained 0.3 percent to $48.22 per ounce, palladium edged up 0.2 percent to $1,422.23, while platinum slipped 0.7 percent to $1,550.91.

Meanwhile, US Supreme Court justices raised fresh questions about the legality of President Donald Trump’s wide-ranging tariffs, a case that could have far-reaching consequences for global trade and commodity markets.

Gold price in Pakistan

Gold prices in Pakistan fell on Wednesday, tracking the downward trend in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs1,000 to settle at Rs419,362.

Similarly, the price of 10-gram gold declined by Rs857, reaching Rs359,535.

A day earlier, on Tuesday, the per tola price had slipped by Rs3,500 to Rs420,362.