Gold Prices in Pakistan Experience Weekly Dip Amid Global Economic Indicators and US Job Report Impact, Silver Holds Steady, and Pakistani Rupee Records Another Daily Win Against the US Dollar
Gold prices in Pakistan witnessed another challenging session on Thursday as the domestic bullion market faced a decline in prices. The price of 24-karat gold dropped by
Gold prices in Pakistan witnessed another challenging session on Thursday as the domestic bullion market faced a decline in prices. The price of 24-karat gold dropped by Rs1,800 per tola to Rs216,100.
The price of 10-gram 24-karat gold was reported at Rs185,271, indicating a loss of Rs1,629. Similarly, the price of 10-gram 22-karat gold stood at Rs169,832.
Silver, however, continued to trade at the same price, with 24-karat and 10-gram 24-karat silver going for Rs 2,660 and Rs 2,280.52, respectively.
XAUUSD
The gold price is displaying a bearish bias, aiming for our anticipated target of 2016.90. We anticipate the negative pressure to persist, leading to a potential break of this level and paving the way for the next correctional target at 1977.46. Technical indicators suggest a negative outlook, supporting the expectation of a continued decline. This bearish scenario remains valid unless the price experiences a rally, breaking and maintaining levels above 2065.70.
The decline in the market followed a robust US jobs report that exceeded expectations, diminishing optimism for an early interest rate cut. The highly anticipated non-farm payrolls data released on Friday indicated the continued resilience of the world’s leading economy, even with interest rates at a two-decade high and inflation surpassing the Federal Reserve’s target. Despite these economic strengths, the report dashed hopes for the central bank to initiate the normalization of monetary policy in the coming months, dealing another blow to such expectations.
XAUUSD posted an intraday high of $2046.69 and intraday low of $2016.88. Gold is currently trading at $2021.74 (6:28pm Monday, 08 January 2024 (GMT+5) Time in Pakistan).
