Gold prices in Pakistan rose on Friday, recovering some of the previous day’s losses as international bullion prices moved higher.
The price of gold increased by Rs2,000 per tola to Rs440,636, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10-gram gold also climbed Rs1,715 to Rs377,774.
The increase came a day after gold prices fell by Rs3,000 per tola to Rs438,636 on Thursday.
In the international market, gold gained $20 to reach $4,181 per ounce, providing support to local prices.
Silver also became more expensive in Pakistan. Its price rose by Rs50 to Rs6,578 per tola.
Gold market abroad
International gold prices were mostly steady on Friday but remained on track for their second straight weekly decline. A stronger US dollar and higher Treasury yields continued to weigh on the precious metal.
Spot gold was trading at $4,181.59 per ounce at 0833 GMT. It had fallen more than 2 percent during the week. US gold futures were up 0.2 percent at $4,212.
Markets were also waiting for the latest US jobs data, which could offer clues about the Federal Reserve’s next interest-rate decision.
Recent US data showed that inflation rose less than expected in August. This reduced expectations of another rate hike and offered some support to gold.
“Gold finds support ahead of the NFP report,” said Nikos Tzabouras, a senior market analyst at Tradu.com.
Investors are closely watching the September non-farm payrolls report, due later on Friday. A Reuters survey of economists expects US employers to have added 90,000 jobs last month, compared with 162,000 in August.
Interest rates remain important for gold because higher rates tend to make non-yielding assets such as bullion less attractive, while lower rate expectations can increase demand for the metal.
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