Key Points
- The price of 24-karat gold per tola closes at Rs 419,362, down by Rs 1,000.
- The price of 10-gram 24-karat gold is Rs 359,535, a decrease of Rs 857.
- The All Pakistan Gems and Jewellers Sarafa Association reports moderate trading activity.
- International gold trends and local demand influence prices.
ISLAMABAD: On Wednesday, gold prices in Pakistan declined slightly, mirroring movements in the international bullion market.
The All Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of 24-karat gold per tola has decreased by Rs 1,000, bringing it to Rs 419,362. Additionally, the price for 10 grams of 24-karat gold dropped by Rs 857 to Rs 359,535.
Internationally, gold prices declined by $10 to $3,970 per ounce, with a premium of $20. Analysts attribute these fluctuations to bargain hunting after the metal reached a near one-week low in the previous session and the anticipation of US private payroll data, which may signal future interest rate cuts. Furthermore, US gold futures for December delivery increased by 0.2% to $3,970.10 per ounce.
Adil Saleem, founder of the micro-investment platform Zariah, commented on the market trends, noting that the Gold Volatility Index (GVZ) remains somewhat elevated but suggests potential for bullish movements. He highlighted that the traditional relationship between gold and the US dollar is weakening, and diminishing confidence in the broader economic system may support gold prices, even when the dollar remains strong.
Dealers in Pakistan reported moderate activity in the sale of coins and jewellery, reflecting consistent demand for gold as a safe-haven asset. The Sarafa Association confirmed that market sentiment remained balanced, with no strong buying or selling pressures dominating the trading session.
