In global markets, gold prices have been influenced by a strengthening US dollar and rising bond yields due to strong US jobs data and political developments.
On Wednesday, spot gold was trading at $1,818.35. Gold prices have fallen for seven consecutive sessions, reaching their lowest level since March at $1,813.90.
The current gold prices in Pakistan are as follows: 24-karat gold is priced at Rs202,000 per tola, 22-karat gold is available at Rs185,167 per tola, 10 grams of 24-karat gold costs Rs173,182, and 10 grams of 22-karat gold are priced at Rs158,751. It’s important to note that gold rates in Pakistan can fluctuate multiple times throughout the day based on global market trends. The All Pakistan Jewelers Association, which usually releases daily gold prices, has not done so since September 5, 2023, causing confusion among consumers.
Overall, gold prices are affected by factors such as the strength of the US dollar, bond yields, and economic and political risks, which can give it safe-haven status. However, recent trends have led to a decline in gold prices, with investors closely monitoring global developments and market fluctuations.