ISLAMABAD
Gold prices in the country decreased by Rs800 per tola on Thursday, maintaining its downward slide locally for the sixth consecutive session.
According to the All-Pakistan Gems and Jewellers Association’s (APSGJA) data, the price of one tola of 24-karat gold decreased to Rs226,500 from Rs227,300. Similarly, the gold rate for 10 grams of 24-karat moved down to Rs194,200 from Rs194,900 with a decrease of Rs700.
Likewise, 10 grams of 22-karat gold were being traded for Rs178,000 while a single tola of 22-karat gold was being sold at Rs207,600.
In the international market, as of 1320 hours GMT, gold futures were available at $1,959.80 per ounce, showing an increase of $20.20 (+1.04 percent). Out of the $20.20 per ounce increase, +$9.40 was due to weakening of the US dollar and +$10.80 was due to predominant buyers, according to Kitco Gold Index.
Gold price extended its rebound as the benchmark 10-year US treasury bond yield erased its daily gains and retreated below 3.8 percent after the stronger-than-expected increase in jobless claims, helping gold stretch higher.
Gold price attempted a recovery after dropping to near $1,940. The precious metal extended its rebound move as the US Dollar Index (DXY) has dropped sharply. Broader choppiness in the USD Index kept investors on their toes. The USD Index has found an intermediate support around 103.80.
The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. The gold price witnessed a decline despite an increase in international markets and depreciation in the local currency against the US dollar. As per the jewellers’ association, the gold rate in Pakistan is undervalued compared to the Dubai gold market by Rs4,500.
