GOLD PER TOLA RATE IN PAKISTAN: The price of 24 karat gold per tola dropped by Rs. 500, selling at Rs. 275,500 on Monday, down from Rs. 276,000 on the previous trading day. Similarly, the price for 10 grams of 24 karat gold fell by Rs. 428, reaching Rs. 236,197 compared to Rs. 236,625. The price for 10 grams of 22 karat gold also saw a decline, settling at Rs. 216,514 from Rs. 216,907, as per the All Sindh Sarafa Jewellers Association.
Meanwhile, the prices of silver remained unchanged, with per tola priced at Rs. 3,050 and 10 grams at Rs. 2,614.88.
In the international market, the price of gold decreased by $4, dropping to $2,653 from $2,657, according to the Association.
Gold prices (XAU/USD) remain steady below recent highs as the European session begins, with investor sentiment supported by China’s latest stimulus efforts. Despite this, geopolitical tensions in the Middle East and speculation of a potential 50 basis point interest rate cut by the Federal Reserve in November are keeping gold prices resilient.
The conflict between Israel and Iranian-backed groups in Yemen and Lebanon has heightened demand for safe-haven assets, while mixed signals from the U.S. Federal Reserve and the Chinese economy are influencing market movements. Gold faces support near $2,625, with potential resistance at $2,670-2,686, and a break above $2,700 could indicate a bullish trend continuation. Traders await comments from Fed Chair Jerome Powell for further guidance.
