Gold prices in Pakistan held steady on Friday, showing little movement in the domestic market despite pressure in global bullion trade.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 24-karat gold was sold at Rs475,362 per tola, unchanged from the previous session. The price of 24-karat gold per 10 grams also stayed firm at Rs407,546.
For 22-karat gold, the rate was recorded at Rs373,597 per 10 grams.
Silver prices also showed no change in the local market. The rate of 24-karat silver stood at Rs8,034 per tola, while 10 grams were sold at Rs6,887.
The stability suggests a pause in domestic buying and selling activity, with traders closely watching global trends before making new moves.
Global gold under pressure
In the international market, spot gold hovered near $4,523 per ounce, slipping $11.7 or 0.26 percent from the previous session.
The metal is also on track for a second straight weekly loss, weighed down by a stronger US dollar and rising oil prices. These factors have kept inflation concerns in focus and strengthened expectations of tighter monetary policy in the United States.
Spot gold fell 0.5 percent to $4,519.69 per ounce by 1255 GMT, while US gold futures for June delivery also dropped 0.5 percent to $4,520.90. Over the week, gold is down about 0.4 percent.
Market analyst Edward Meir of Marex said gold remains under pressure, though it is still finding some support near the $4,500 level. He noted that a strong dollar and higher oil prices are limiting any upward movement.
Oil prices climbed as investors remained doubtful about progress in US Iran peace talks. At the same time, the dollar held near a six week high, making gold more expensive for buyers using other currencies.
Higher energy prices often fuel inflation worries, which can push central banks to keep interest rates elevated for longer. This tends to reduce demand for non yielding assets like gold, even though the metal is traditionally seen as a hedge against inflation.
According to CME Group’s FedWatch tool, markets are currently pricing in a 58 percent chance of at least one 25 basis point interest rate hike by the US Federal Reserve by December.
Market analyst Fawad Razaqzada of City Index said sustained oil prices could keep inflation elevated and push bond yields higher, which would add further pressure on precious metals.
Benchmark 10 year US Treasury yields eased slightly but remained close to one year highs.
In related developments, US President Donald Trump is set to swear in Kevin Warsh as Federal Reserve chair later on Friday, according to the administration.
In other major markets, gold traded at a discount in India due to weak demand, while premiums also eased in China.
Among other metals, silver dropped 1.2 percent to $75.77 per ounce, platinum fell 1.8 percent to $1,930.33, and palladium declined 1.5 percent to $1,358.26. All three metals were on course for weekly losses.
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