Karachi:
Both gold prices and the Pakistani rupee fell on Friday, an unusual occurrence as the two usually move in opposite directions.
While gold prices fell in line with international trends, the rupee depreciated slightly against the US dollar in the interbank market.
According to All Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of gold per tola in the local market decreased by Rs 800 to Rs 273,200. On Thursday, the price of gold per tola increased by Rs.1400.
According to APGJSA, rates in the international market were down $8 to $2,620 per ounce.
Adnan Agar, director of Interactive Commodities, pointed out that the decline was modest, as the gold market was sluggish due to the Christmas holidays. Investors wait for price drops to buy and sell at higher prices.
Internationally, gold prices fell as higher U.S. Treasury yields dulled the allure of non-yielding bullion in the holiday week, with markets focused on President-elect Donald Trump’s return to office and the Fed’s 2025 exit. Focused on the potential impact of his inflationary policies on Luck.
Spot gold was down 0.8 percent at $2,614.64 an ounce and U.S. gold futures were down 0.9 percent at $2,630.10 an ounce.
The dollar index is on course for a fourth straight week of gains, reducing gold’s appeal to holders of other currencies, while the benchmark US 10-year yield is trading near its highest level since May 2. was, whom they killed on Thursday.
The Pakistani rupee depreciated by 0.04 percent against the US dollar in the interbank market on Friday. According to the State Bank of Pakistan (SBP), at the end of trading, the rupee was down 10 paise against the greenback at 278.47, compared with 278.37 on Thursday.
Money market expert Malik Bustan attributed the depreciation to year-end pressure, as banks and companies make calendar-year payments to foreign investors and core companies.