Gold prices in Pakistan remained steady on Friday after experiencing a notable decline on Thursday. The price of one tola of gold held firm at Rs483,036, reflecting mixed trends in the international bullion market.
The All Pakistan Sarafa Gems and Jewellers Association confirmed that the price of 10 grams of gold also remained unchanged at Rs414,125. This stability followed a sharp drop on Thursday when the price per tola fell by Rs3,500, from Rs486,536 to Rs483,036, while the price for 10 grams decreased by Rs3,100 to Rs414,125.
Gold prices in Pakistan are updated daily and are influenced by fluctuations in global bullion markets, the exchange rate between the rupee and the US dollar, and broader economic developments worldwide.
Meanwhile, in the international market, spot gold inched up by 0.1 percent to $4,607.47 per ounce. This week has seen considerable volatility, with prices reaching a three-month high of $4,696.18 per ounce on Tuesday. The surge followed announcements from the US Treasury regarding support for longer-term bonds, although gold prices retreated from this peak later in the week. US gold futures remained relatively stable at $4,661.20 per ounce.
Senior financial markets analyst Kyle Rodda noted that gold has maintained an overall upward trend recently and suggested it could approach the $5,000-per-ounce mark by year-end. However, he emphasized that future movements will largely depend on signals from the US Federal Reserve and any shifts in monetary policy.
Interest rates continue to play a crucial role in gold pricing. Typically, higher interest rates diminish the attractiveness of gold, a non-yielding asset, since it does not generate interest or dividends. Conversely, expectations of lower rates tend to bolster gold prices by reducing the opportunity cost of holding bullion.
For Pakistani consumers, international price trends are just one factor affecting local gold prices. Exchange rate fluctuations between the rupee and the dollar also significantly impact domestic rates. With prices stable on Friday following Thursday’s decline, market watchers remain attentive to global interest rate expectations and geopolitical developments for clues on the next price direction.
