Pakistan’s market in Pakistan displayed minimal movement on a recent Tuesday, with the cost of 24-karat gold dipping by Rs100 to settle at Rs230,100 per tola. This marked a notable change in the market, breaking a 10-session streak of price increases for gold.
GOLD PRICE ADJUSTMENTS
For the first time following a remarkable 10 consecutive sessions of increases, gold prices experienced a downturn. This adjustment came after a significant surge last week, where 24-karat gold prices leaped by nearly Rs10,000 per tola, reaching highs unseen since September 2023.
The Karachi Sarafa Association detailed that the price for a 10-gram portion of 24-karat gold was adjusted down by Rs86, concluding at Rs197,274. Similarly, the cost for 10 grams of 22-karat gold witnessed a slight decrease, now quoted at Rs180,834.
SILVER MARKET STABILITY
Contrasting with gold, the silver market held steady. The price for 24-karat silver remained unchanged, sold at Rs2,600 per tola and Rs2,229.08 for a 10-gram measurement.
GLOBAL GOLD MARKET INSIGHTS
On an international scale, the spot gold price hovered around $2,177.14 an ounce, reflecting a minor dip of 0.26% compared to the previous session. Market observers are keenly awaiting the U.S. inflation data, anticipated to influence the Federal Reserve’s monetary policy direction.
READ FOR GOLD TECHNICAL ANALYSIS:
MARKET STRATEGIES AND FUTURE OUTLOOK
Experts, including IG market strategist Yeap Jun Rong, suggest that the recent surge in gold prices might necessitate a period of stabilization. Financial markets are speculating on potential U.S. interest rate cuts, with expectations leaning towards three to four quarter-point reductions within the year, enhancing the attractiveness of non-yielding bullion like gold.
Moreover, the U.S. Treasury’s plan to auction $39 billion in 10-year notes later in the day adds another layer of anticipation for market movements.
