GOLD PER TOLA RATE IN PAKISTAN: The price of 24 karat gold per tola in Pakistan dropped by Rs. 1,100, selling at Rs. 274,400 on Thursday, compared to Rs. 275,500 from the previous day, according to the All Sindh Sarafa Jewellers Association. Similarly, the price of 10 grams of 24 karat gold fell by Rs. 943, now priced at Rs. 235,254 from Rs. 236,197. The 22 karat gold rate also saw a decline, with 10 grams selling at Rs. 215,650, down from Rs. 216,514.
In contrast, the price of silver remained stable, with per tola silver holding at Rs. 3,050, and 10 grams selling for Rs. 2,614.88.
On the international front, gold prices saw a drop of $11, with the rate now at $2,642 per ounce, compared to $2,653 on the previous trading day. Gold (XAU/USD) is currently trading in the $2,640s per troy ounce, stalling below the record high of $2,685 set last week. The decline in gold prices is linked to reduced expectations that the Federal Reserve will continue aggressively cutting interest rates in the United States. As a non-interest-bearing asset, gold tends to lose appeal when rate cuts slow down.
Despite this, the downside for gold remains limited due to ongoing safe-haven demand spurred by concerns of escalating conflict in the Middle East, as well as the global trend of falling interest rates, which supports gold’s overall attractiveness to investors.
GOLD FACES UNCERTAINTY AMID FED RATE SPECULATION
Gold’s upward momentum has been capped by fluctuating expectations regarding U.S. interest rates. Last week, there was a strong belief that the Federal Reserve might cut rates by another 50 basis points in November, with over a 60% chance priced in. However, those expectations have dropped to around mid-30% following stronger-than-expected U.S. jobs data, suggesting the U.S. economy remains resilient. As a result, the U.S. dollar has strengthened, creating further headwinds for gold, which is primarily traded in USD.
The upcoming Nonfarm Payrolls (NFP) report on Friday will be a key factor in determining the Fed’s next move and, by extension, gold’s price trajectory.
TECHNICAL ANALYSIS: GOLD IN A CONSOLIDATION PHASE
On a technical level, gold has entered a sideways trend on the 4-hour chart, fluctuating between the all-time high of $2,685 and support at $2,625. A breakout above or below this range is needed to establish a new direction. If gold can surpass the $2,673 level, the upward trend may resume, potentially pushing prices towards the psychological barrier of $2,700.
Conversely, if the price breaks below the $2,625 support, it could test further downside levels at $2,600. Despite the short-term consolidation, gold remains in a long-term uptrend, and once this phase ends, the uptrend is likely to continue.
The price of 24 karat gold per tola in Pakistan dropped by Rs. 1,100, selling at Rs. 274,400 on Thursday, compared to Rs. 275,500 from the previous day, according to the All Sindh Sarafa Jewellers Association. Similarly, the price of 10 grams of 24 karat gold fell by Rs. 943, now priced at Rs. 235,254 from Rs. 236,197. The 22 karat gold rate also saw a decline, with 10 grams selling at Rs. 215,650, down from Rs. 216,514.
In contrast, the price of silver remained stable, with per tola silver holding at Rs. 3,050, and 10 grams selling for Rs. 2,614.88.
On the international front, gold prices saw a drop of $11, with the rate now at $2,642 per ounce, compared to $2,653 on the previous trading day. Gold (XAU/USD) is currently trading in the $2,640s per troy ounce, stalling below the record high of $2,685 set last week. The decline in gold prices is linked to reduced expectations that the Federal Reserve will continue aggressively cutting interest rates in the United States. As a non-interest-bearing asset, gold tends to lose appeal when rate cuts slow down.
Despite this, the downside for gold remains limited due to ongoing safe-haven demand spurred by concerns of escalating conflict in the Middle East, as well as the global trend of falling interest rates, which supports gold’s overall attractiveness to investors.
GOLD FACES UNCERTAINTY AMID FED RATE SPECULATION
Gold’s upward momentum has been capped by fluctuating expectations regarding U.S. interest rates. Last week, there was a strong belief that the Federal Reserve might cut rates by another 50 basis points in November, with over a 60% chance priced in. However, those expectations have dropped to around mid-30% following stronger-than-expected U.S. jobs data, suggesting the U.S. economy remains resilient. As a result, the U.S. dollar has strengthened, creating further headwinds for gold, which is primarily traded in USD.
The upcoming Nonfarm Payrolls (NFP) report on Friday will be a key factor in determining the Fed’s next move and, by extension, gold’s price trajectory.
TECHNICAL ANALYSIS: GOLD IN A CONSOLIDATION PHASE
On a technical level, gold has entered a sideways trend on the 4-hour chart, fluctuating between the all-time high of $2,685 and support at $2,625. A breakout above or below this range is needed to establish a new direction. If gold can surpass the $2,673 level, the upward trend may resume, potentially pushing prices towards the psychological barrier of $2,700.
Conversely, if the price breaks below the $2,625 support, it could test further downside levels at $2,600. Despite the short-term consolidation, gold remains in a long-term uptrend, and once this phase ends, the uptrend is likely to continue.
