Gold prices in Pakistan declined on Friday as the price of 24-karat gold per tola fell by Rs.2,500, closing at Rs.284,700 compared to Rs.287,200 on the previous trading day. Similarly, the price of 10 grams of 24-karat gold dropped by Rs.2,144 to settle at Rs.244,084, while 10 grams of 22-karat gold decreased to Rs.223,744 from Rs.225,709, according to data released by the All Sindh Sarafa Jewellers Association.
Silver prices also fell in Pakistan, with per tola silver decreasing by Rs.20 to Rs.3,430, and the price of 10 grams declining by Rs.17.14 to Rs.2,940.67. On the international market, gold prices dipped by $25, falling from $2,777 to $2,752 per ounce.
The recent decrease in gold prices comes amid global economic uncertainties, notably surrounding the US presidential election and ongoing geopolitical tensions in the Middle East. These factors have generally supported gold’s status as a safe-haven asset; however, rising US Treasury yields and a stronger US dollar are placing downward pressure on the metal.
In the US, all eyes are on the upcoming October employment report, which includes key metrics like Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings. A strong outcome could temper expectations for policy easing by the Federal Reserve, potentially exerting additional selling pressure on gold. Marex analyst Edward Meir noted that “investors are still in the mindset of buying the dips,” a strategy expected to persist through the election season given heightened market volatility.
Han Tan, chief market analyst at Exinity Group, commented, “Gold should retain its upward bias and may even flirt with $2,800 in the days ahead, as long as US election risks continue weighing on market sentiment.” With an eye on technical analysis, the gold price is holding a bullish trend supported by a 100-day Exponential Moving Average (EMA) and a 14-day Relative Strength Index (RSI) above the midline, indicating continued potential for upside movement.
For technical traders, key resistance remains around the $2,790-$2,800 range, while initial support is anticipated at $2,715, followed by lower levels at $2,624 and $2,500. With the Federal Reserve’s November meeting approaching, markets are nearly certain of a 25-basis-point rate cut, a move that could impact gold prices further.
As geopolitical and economic factors continue to play a pivotal role, investors worldwide are watching gold’s trajectory closely, anticipating how the yellow metal will navigate through an increasingly complex market landscape.
