Gold, rupee on downward trajectory
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Gold prices in Pakistan remained on a downward trajectory on Friday despite a notable rise in international markets, where the yellow metal gained over 1% as the US dollar weakened and investors weighed comments on tariffs by US President Donald Trump ahead of crucial trade talks with China.
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported, the price of gold per tola fell by Rs1,800 to settle at Rs350,900 in the local market. Likewise, the price of 10 grams dropped by Rs1,543 to Rs300,840. The downward trend followed Thursday's dip of Rs4,200, when the per tola price had touched Rs352,700.
Commenting on market dynamics, Interactive Commodities Director Adnan Agar said gold had earlier dipped to around $3,270 before recovering slightly, with current trading levels hovering between $3,330 and $3,340. "There's still some support in the market on the lower side," he noted. "We're seeing range-bound movement, and the upcoming weekend talks between the US and China, along with regional developments will be crucial for next direction."
Gold rose over 1% on Friday as the dollar ticked lower, while the market digested comments on tariffs from US President Donald Trump ahead of a weekend meeting between the US and China, according to Reuters.
Meanwhile, the Pakistani rupee continued its downward trend against US dollar on Friday, slipped 0.07% in the interbank market. It closed at 281.71, down by Rs0.19 from the previous day's closing rate of 281.52.
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