KEY POINTS
- Local gold per tola holds at Rs 386,300 in Pakistan
- 10-gram gold steady at Rs 331,189; silver unchanged at Rs4 ,443
- International spot gold trades around US$3,643/oz, near last week’s record highs
- Regional bullion markets also steady as traders eye US Fed decision
ISLAMABAD: Gold prices in Pakistan held steady on Monday, with the tola price unchanged at Rs386,300, as the local market tracked global bullion consolidating above the US$3,640-per-ounce level.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gram rate also stayed at Rs 331,189, while silver remained at Rs 4,443 per tola.
Compared with the previous session, when gold ended at the same level, no change was recorded in domestic prices. Market participants said the flat trend reflected a wait-and-see approach among traders ahead of key global developments.
Internationally, spot gold was trading near US$3,643 an ounce after last week’s record highs of US$3,673.95. Reuters reported that bullion was “supported by expectations of a US interest rate cut later this month, though profit-taking has capped further upside.”
Bloomberg noted that “investors are keeping positions light ahead of this week’s U.S. inflation data, which could influence the Federal Reserve’s next policy move.”
Regionally, India’s gold market also moved a little up, with prices quoted at around ₹71,800 per 10 grams in major trading hubs, according to data cited by The Hindu Business Line. In Dubai, retail bullion rates were steady at AED 262.50 per gram for 24-karat gold, as reported by Gulf News.
Traders in Hong Kong, likewise, told South China Morning Post that buying interest remained muted as “the market is awaiting direction from the Fed.”
Traders told Business Recorder that “without a decisive push from international markets, local prices are likely to remain range-bound, with volatility expected only after the Fed decision.”
