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.

XAUUSD

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).

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