Gold prices in Pakistan remained unchanged on Friday, with the local bullion market taking a pause after the previous session’s decline.
According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold stood at Rs483,036 per tola, unchanged from Thursday’s closing rate. The price of 10 grams of gold also remained stable at Rs414,125.
On Thursday, the price of gold had fallen by Rs3,500 per tola to settle at Rs483,036.
In the international market, gold prices were also largely steady. The global bullion rate was quoted at $4,605 per ounce, including a premium of $20, matching the previous day’s level.
While gold prices remained flat, silver continued its upward trend in the local market. The price of silver rose by Rs180 per tola to reach Rs7,509.
Globally, however, gold edged slightly higher as investors looked ahead to comments from US Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium, hoping for fresh clues on the central bank’s interest rate plans.
Spot gold gained 0.1 per cent to $4,606.73 per ounce during trading, while US gold futures were little changed at $4,660.10.
Market analysts said investors were holding back from making major moves until Warsh’s speech, which is expected to provide guidance on the Federal Reserve’s next policy steps.
Recent remarks from Federal Reserve officials have highlighted continued concerns over inflation in the United States. Data released earlier this week showed the Personal Consumption Expenditures Price Index, the Fed’s preferred inflation measure, rose 3.7 per cent in the 12 months to July.
Higher interest rates generally reduce the appeal of gold because the precious metal does not offer any yield. Even so, some analysts believe gold could climb towards the $5,000 per ounce mark before the end of the year if expectations of future monetary policy become more supportive.
Elsewhere in the precious metals market, spot silver rose 1.8 per cent to $70.51 per ounce. Platinum gained 2.2 per cent to $1,886.02, while palladium advanced 3.8 per cent to $1,402.31, putting all three metals on course for weekly gains.