Gold prices rebound Rs3,000/tola
After experiencing a decline in the previous session, gold prices in Pakistan rebounded in line with an upward trend in international markets. In the local market, the price of gold per tola rose by Rs3,000 on Friday, reaching Rs307,000.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold increased by Rs2,571, bringing it to Rs263,203.
On Thursday, gold prices had dropped by Rs3,000 per tola, settling at Rs304,000 in Pakistan.
Meanwhile, international gold prices also witnessed an upward movement on Friday. As per APGJSA, the global gold rate stood at $2,921 per ounce (including a $20 premium), reflecting a $28 increase for the day.
Adnan Agar, Director at Interactive Commodities, commented on the gold market trends, stating that the market has been relatively stagnant for the past few days, fluctuating between $2,916 and $2,930 per ounce. He highlighted that the market has been stuck in this range for the last four days, and a breakout on either side would determine the next movement.
Agar further explained that if gold closes above $2,930, an upward trend is expected, whereas if it drops below $2,890, a downward trend could be seen. However, given the current market conditions, a slight downward movement seems more likely, especially with the weekend approaching and renewed tariff impositions. Nonetheless, if gold manages to close above $2,930, any downside risks would be negated, and an upward trend would follow.
Globally, gold prices edged up on Friday, poised for a weekly gain on safe-haven inflows and a US jobs report revealing lower-than-expected job growth in February, suggesting the Federal Reserve is on track to cut interest rates this year.
Spot gold added 0.3% to $2,918.11 an ounce. Bullion has gained over 2% so far this week, as US President Donald Trump's ever-shifting tariff policies fanned uncertainty.
Meanwhile, the Pakistani rupee saw a slight decline against the US dollar, depreciating by 0.05% in the inter-bank market on Friday.
By the end of the trading session, the rupee settled at 279.97, marking a loss of 15 paisa against the US dollar. A day earlier, it had closed at 279.82.
On the global front, the US dollar remained near a four-month low on Friday as fluctuating tariff policies fuelled uncertainty and raised concerns about economic growth in the United States. Investors awaited the key jobs data for further direction.
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