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 Rs218,200.
The price of 10-gram 24-karat gold was reported at Rs187,071, indicating a loss of Rs1,543. Similarly, the price of 10-gram 22-karat gold stood at Rs172,897, reflecting a decrease of Rs1,415.
This decline follows a significant hit to domestic bullion on the previous day when the price of 24-karat gold dropped by Rs1,300 per tola to Rs220,000. The price of 10-gram 24-karat gold on that day was reported at Rs188,614, showing a loss of Rs1,115. Additionally, the price of 10-gram 22-karat gold stood at Rs172,897, down by Rs1,021.
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The gold market has been supported by the US bond yields falling to their lowest point since July and the swaps markets pricing in almost a 90% chance of an interest rate cut by March. The opportunity cost of holding zero-yielding gold is reduced by a lower bond yield, which increases investor appeal. With gold’s current price of $2,048.85, it is expected to rise 14.46% in 2023—its first annual gain in three years.
Gold Spot/ U.S. Dollar (XAUUSD) in Wednesday’s session gained (-$17.40) (-0.85%). Gold gained $9.89 in the previous week.
XAUUSD posted an intraday high of $2050.99 and intraday low of $2040.20. Gold is currently trading at $2049.47 (3:28pm Thursday, 04 January 2024 (GMT+5) Time in Pakistan).
