Karachi
\nGold prices retreated from record highs in both local and international markets, with the price per tola in Pakistan dropping by Rs1,100 to Rs246,500 on Saturday,
\nThe All Pakistan Gems and Jewellers Sarafa Association (APGJSA) said the 10-gram gold price also fell by Rs943 to Rs211,334.
\nEarlier in the week, gold had surged by Rs1,900 per tola in Pakistan amid safe-haven demand due to geopolitical tensions in Ukraine and Gaza.
\nHowever, global gold prices slipped as the US dollar and Treasury yields rose following a stronger-than-expected U.S. inflation report, which dampened expectations of an early rate cut by the Federal Reserve.
\nInternationally, gold was priced at $2,364 per ounce, down $11, with a premium of $20, APGJSA reported. Silver prices in Pakistan remained stable at Rs2,650 per tola.
\nGold hit above $2,400 per ounce to an all-time high on Friday as growing tensions in the Middle East prompted investors to seek refuge in the safe-haven assets.
\nLater in the trade, spot gold eased 0.8 percent to $2,353.35 per ounce, taking a breather after hitting a record high of $2,419.79. Prices were up around 1 percent for the week. US gold futures settled 0.1 percent higher at $2,374.1.
\nTaking cues from gold\u2019s upward momentum, platinum tested the key $1,000 per ounce level to its highest level in nearly four months.
\n\u201cWhat\u2019s really telling about the strength of gold is the U.S. dollar index and Treasury yields are climbing, yet gold continues to rally strongly – that\u2019s very indicative of strong safe-haven demand,\u201d said Jim Wyckoff, senior analyst at Kitco Metals.
\nA reportedly imminent attack by Iran on Israel is a real and viable threat, the White House said, giving no details about possible timing, reiterating that the U.S. takes its commitments to defend Israel seriously.
\n\u201cGold continues to go from strength to strength as we are witnessing fear of missing out on clear display,\u201d Ole Hansen, head of commodity strategy at Saxo Bank, said in a note.
\nGold\u2019s recent surge arrived despite traders dialing back bets for an early interest rate cut from the Federal Reserve.
\n\u201cGold has pushed back against some data that should have typically been negative. It will be somewhat healthy to see a correction in the bull\u2019s market, but the trend will continue to be positive,\u201d said Chris Gaffney, president of world markets at EverBank.
\nWall Street\u2019s main indexes plummeted on Friday, capping a week marked by hotter-than-expected inflation and jobs data that forced investors to reset expectations for the timing of interest rate cuts.
\nMeanwhile, Goldman Sachs hiked its year-end gold price forecast to $2,700 per ounce from $2,300, citing the metal\u2019s bull market\u2019s indifference to the usual macro factors.
\nSpot silver fell 1% to $28.21 per ounce, after touching its highest level since early 2021. Platinum rose 0.6% to $985.65 and palladium firmed 0.9 percent to $1,055.62.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi Gold prices retreated from record highs in both local and international markets, with the price per tola in Pakistan dropping by Rs1,100 to Rs246,500 on Saturday, The All Pakistan Gems and Jewellers Sarafa Association (APGJSA) said the 10-gram gold price also fell by Rs943 to Rs211,334. Earlier in the week, gold had surged by […]<\/p>\n","protected":false},"author":2,"featured_media":399989,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-400203","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n