KARACHI:
Gold prices in Pakistan decreased on Monday, snapping a five-session rally as international rates softened. The price per tola of gold dropped by Rs1,500 to settle at Rs279,300, while the 10-gram gold rate declined by Rs1,286, closing at Rs239,455, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On the previous trading day, gold prices rose by Rs1,400, reaching Rs280,800 per tola. However, Monday’s downturn was attributed to a decline in international gold prices, which fell by $15 to $2,675 per ounce, inclusive of a $20 premium, as reported by APGJSA.
Internationally, gold prices retreated from a three-week high on Friday, pressured by a robust dollar, while markets braced for potential economic and trade shifts under US President-elect Donald Trump. Spot gold eased 0.6% to $2,641.52 an ounce at 1841 GMT, after hitting its highest level since December 13 earlier in the session. The bullion is up about 0.8% for the week so far. US gold futures settled 0.5% lower at $2,654.70.
In a related development, Mali began flying gold out of Canadian miner Barrick Gold’s Loulo-Gounkoto complex by helicopter on Saturday, according to Reuters. Four sources close to the situation revealed this occurred after the military-led government last week ordered the seizure of the stock.
Two sources reported that around three metric tonnes of gold were taken, with one estimating its value at $245 million. It remains unclear where the gold was transported.
Adnan Agar, Director at Interactive Commodities, noted that gold’s intraday high reached $2,693 per ounce, while the low touched $2,663. He explained that rising bond yields globally have dampened investor interest in gold amidst ongoing economic uncertainty. Speculation over future geopolitical policies, including the possibility of increased US intervention in global affairs, is further contributing to market volatility, he added.
He added that the $2,600 per ounce level remains a key support zone for gold. Agar projected potential price fluctuations in the coming weeks.
While gold’s safe-haven appeal persists, its near-term trajectory may hinge on global monetary policies and investor sentiment, particularly as markets await clarity on fiscal and geopolitical strategies.
Meanwhile, the Pakistani rupee experienced a slight depreciation against the US dollar, slipping by 0.04% in the inter-bank market on Monday. By the end of the trading session, the currency closed at 278.68, marking a 10 paisa loss against the greenback.
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