Gold prices in Pakistan showed no change on Thursday, even as the international market moved slightly lower after fresh economic signals from the United States.
According to rates shared by the All Pakistan Gems and Jewellers Sarafa Association, 24 karat gold was sold at Rs528,562 per tola, the same level as the previous session. The price of 24 karat gold per 10 gram also remained unchanged at Rs453,156. Meanwhile, 22 karat gold was quoted at Rs415,408 per 10 gram.
In contrast, silver prices moved higher in the local market. Twenty four karat silver rose by Rs90 to Rs8,825 per tola, while the rate per 10 gram increased by Rs78 to Rs7,566.
International trend and market signals
Globally, gold prices edged lower on Thursday as stronger than expected US jobs data reduced hopes of early interest rate cuts by the Federal Reserve. A firmer US dollar also added pressure on bullion.
Spot gold was trading near $5,064.90 per ounce by early trading hours, down slightly from the previous session. US gold futures for April delivery slipped to $5,086.30 per ounce. Silver in the international market fell to $83.59 per ounce after a sharp rise a day earlier.
Market analysts said gold and silver eased after the US labour market showed unexpected strength. The US added 130,000 jobs in January, much higher than forecasts, while the unemployment rate fell to 4.3 percent. Stronger economic data often supports the dollar and reduces the appeal of gold, which does not offer interest returns.
Ole Hansen of Saxo Bank said the market was now closely watching fresh economic data and upcoming events, including the Lunar New Year in China, which could slow trading activity. Investors are also waiting for US jobless claims data and inflation figures due later this week, which may shape expectations about future interest rate decisions.
Analysts say lower interest rates usually support gold, as they reduce the cost of holding the metal. However, if inflation data remains firm, gold could struggle to move much higher in the near term.
Among other metals, platinum fell to $2,117.09 per ounce, while palladium rose to $1,704.50 per ounce.
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