Key Points
- Domestic gold price per tola down Rs1,100
- 10-gram rate eases to Rs 332,218 in Karachi trading
- Spot gold steady near $3,660/oz after U.S. Fed guidance
- Local dealers report profit-taking and weak retail demand
KARACHI: Gold prices in Pakistan retreated on Friday as traders booked profits and consumer demand remained subdued, even as international bullion held close to recent highs.
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) said the rate of 24-carat gold fell by Rs 1,100 per tola to Rs 387,500, while the price of 10 grams dropped by Rs 943 to Rs 332,218. The association added that silver gained slightly, with the per-tola rate rising by Rs 29 to Rs 4,447.
Global cues steady
Internationally, spot gold was quoted around $3,660 an ounce on Friday, according to market trackers, after the U.S. Federal Reserve’s latest guidance suggested a gradual path toward policy easing. Analysts told Reuters that bullion remained supported by rate-cut expectations, though the dollar’s movement continues to cap upward momentum.
Domestic sentiment cautious
Local bullion dealers told Geo News that Friday’s decline reflected short-term profit-taking after recent gains, along with muted retail buying. “Small investors and households are holding back as prices remain historically high,” one Karachi-based jeweller was quoted as saying.
Outlook hinges on Fed and rupee
Commodity analysts told Dawn that the next moves will depend on whether the rupee strengthens further and how firmly the Fed signals rate cuts in the coming weeks. They added that the $3,600–3,700 per ounce band internationally and the Rs385,000–390,000 per tola range locally are the critical support and resistance levels to watch.
