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Gold pulls back as investors eye US jobs data

Gold bars. — AFP/File
Gold bars. — AFP/File
  • Bullion prices settle at Rs115,400 per tola in the local market on Thursday.
  • Gold rates in Pakistan are around Rs500 below cost compared to the gold rate in the Dubai market.
  • International gold price gain $11 per ounce to $1,763.

KARACHI: Gold prices in Pakistan fell on Thursday as a stronger rupee in the domestic market made bullion more expensive for holders of local currency.

Gold was down Rs200 at Rs115,400 per tola and declined by Rs171 to Rs96,937 per 10-grams.

The rates of gold were Rs115,600 per tola and Rs98,594 per 10 grams on Wednesday.

It is pertinent to mention that the gold rates in Pakistan are around Rs500 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,400 per tola and Rs1,200.27 per 10 grams today.

International bullion market

On Thursday, the international gold price gained $11 per ounce to $1,763 as investors steered clear of big bets before US jobs data that could determine the US Federal Reserve’s monetary policy normalisation plans.

While gold is traditionally seen as an inflation hedge, a stronger dollar makes gold more expensive for holders of other currencies.

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“There are some hiccups related to supply chain and energy markets, but this is not something that will derail the global economy. Hence, there are no real reasons for investors to seek gold as a safe haven,” said Julius Baer analyst, Carsten Menke.

However, given the “record-high number of open job positions in the US, a positive surprise on the non-farm payrolls should be adjustable for the gold market without causing a major sell-off”, Menke said, adding that prices are likely to be volatile.

“We’ll need to see gold prices break above major resistance levels before we have a better idea if gold is about to end its short-term bearish trend,” said Vincent Tie, sales manager at Singapore dealer Silver Bullion.

— With additional input from Reuters

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