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 Rs1,200 per tola to Rs217,000.
The price of 10-gram 24-karat gold was reported at Rs186,043, indicating a loss of Rs1,028. Similarly, the price of 10-gram 22-karat gold stood at Rs170,539, reflecting a decrease of Rs2,358.
Due to a persistent drop in global prices and a relatively stronger local currency, the domestic metal market has experienced its third straight loss.
This Friday, the eagerly anticipated monthly US Jobs Report is set to be released in Pakistan at 6:30 p.m. Forecasts suggest that the growth of nonfarm payrolls will persist in its slow pace.
This comprehensive survey, encompassing approximately 486,000 individual worksites, provides intricate insights into employment, working hours, and earnings. Projections for today’s report anticipate the addition of 150,000 new jobs in December, accompanied by a 0.1% uptick in the unemployment rate to 3.8%.
This report assumes significance because of the Federal Reserve’s keen interest in labour market dynamics, particularly in light of the central bank’s current considerations regarding the timing of this year’s first interest rate cut.
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In the realm of precious metals, the haven status of gold may find support in the forthcoming days and weeks amid escalating global geopolitical risks.
Ongoing tensions in the Russia/Ukraine conflict, heightened discord between China and Taiwan, Israel’s military actions in the Gaza Strip, and disruptions in major shipping chokepoints in the Red Sea pose significant challenges to global supply chains. Any exacerbation of these conflicts is poised to reinforce gold’s standing as a safe-haven asset.
Gold Spot/ U.S. Dollar (XAUUSD) in Thursday’s session gained (+1.93) (+0.09%). Gold gained $9.89 in the previous week.
XAUUSD posted an intraday high of $2048.34 and intraday low of $2037.21. Gold is currently trading at $2039.49 (5:00pm Friday, 05 January 2024 (GMT+5) Time in Pakistan).
