Gold prices in Pakistan continued their upward trend for the second day in a row on Friday. The price of 24-carat gold surged by Rs3,900 per tola, reaching Rs469,136, the All Pakistan Gems and Jewellers’ Sarafa Association (APGJSA). Similarly, the price of 10 grams of gold increased by Rs3,344, closing at Rs402,208.
This rise follows a significant Rs11,200 per tola increase on Thursday, which came after a sharp decline of Rs11,300 the previous day. These consecutive gains have pushed domestic gold prices above the levels seen before Wednesday’s steep drop.
On the international front, spot gold was trading near $4,475 per ounce on Friday. Earlier in the week, gold prices had dropped to almost a one-month low on Wednesday but rebounded by over 1 percent as the US dollar and Treasury yields eased from recent peaks.
In a significant development, investors have been closely monitoring the US labor market, with the non-farm payrolls report scheduled for release on Friday. Expectations regarding US interest rates continue to play a crucial role in influencing gold prices globally.
Since gold does not yield interest, it often faces downward pressure when rising interest rates boost bond yields and strengthen the US dollar. Conversely, when yields soften and the dollar weakens, gold becomes more appealing to investors, supporting its price recovery.
