The price of per tola of 24 karat gold saw an increase of Rs.800, reaching Rs.241,500 on Friday, compared to Rs.240,700 on the last trading day. Similarly, the price of 10 grams of 24 karat gold rose by Rs.686, settling at Rs.207,047 from Rs.206,361, according to the All Sindh Sarafa Jewellers Association. The price of 10 grams of 22 karat gold also increased, moving up to Rs.189,973 from Rs.189,165.
In contrast, the prices of per tola and ten grams of silver remained unchanged at Rs.2,750 and Rs.2,357.68, respectively.
On the international front, the price of gold increased by $8, rising from $2,315 to $2,323.
Gold (XAU/USD) is trading slightly above $2,300 in the early European session on Friday, following a directionless performance from Asian markets overnight. Mixed signals from the US regarding future interest rate paths, a key factor for Gold, continue to create uncertainty.
Gold Rangebound Amid Uncertainty Gold remains stuck in familiar territory as traders grapple with conflicting signals, particularly concerning US interest rates. While disinflationary economic data suggest potential rate cuts, cautious behavior from central bankers adds to the uncertainty. Lower interest rates typically boost Gold by reducing the opportunity cost of holding the non-yielding asset, but the timing and extent of these cuts remain unclear.
