The price of the yellow metal stood at Rs239,200 per tola

Karachi: Gold prices remained unchanged in the country on Thursday after dropping Rs800 per tola on Wednesday. The price of the yellow metal stood at Rs239,200 per tola.
The 10 grammes gold was sold at Rs205,075, according to the rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The international rate of gold remained intact on Thursday. As per APGJSA, the rate was $2,312 per ounce (with a premium of $20).
Meanwhile, silver rates remained stable at Rs2,620 per tola. Last month, gold hit an all-time high of Rs252,200 per tola in the local market.
Gold in tight range with US economic data on tap
Gold prices hovered in a tight range on Thursday as investors turned their attention to US economic data that could offer additional insights into when the Federal Reserve might implement interest rate reductions.
Spot gold rose 0.2% at $2,314.26 ounce, as of 0456 GMT. US gold futures lost 0.1% to $2,321.00. The US weekly jobless claims data is due at 1230 GMT and the University of Michigan’s consumer sentiment reading on Friday.
The consumer price index data is scheduled to be released next week. “Despite market expectations of a rate cut in September, gold traders are cautious about making big moves … If US inflation report comes hotter then prices could fall to $2,290,” said Ajay Kedia, director at Kedia Commodities, Mumbai.
According to the CME’s FedWatch Tool, traders are currently pricing in about a 66% chance that the Fed will cut rates in September.
Lower interest rates reduce the opportunity cost of holding bullion.
Fed Bank of Boston President Susan Collins said on Wednesday that the US economy needs to cool off to get 2% inflation. China’s exports and imports returned to growth in April, signalling an encouraging improvement in demand at home and overseas.
“Looking ahead to the rest of 2024, the outlook for gold remains relatively positive,” ACY Securities analyst Luca Santos said. “There’s even potential for it to break above $2,500, especially if economic conditions remain uncertain and geopolitical tensions persist.”
Palestinian militant group Hamas said on Wednesday it was unwilling to make more concessions to Israel in negotiations over a ceasefire for Gaza. Meanwhile, spot silver gained 0.7% to $$27.53 per ounce.
“Long-term view on silver remains positive. It can climb to $30 in the fourth quarter,” Kedia said. Platinum advanced 0.8% at $982.10 and palladium firmed 0.5% to $956.13. Johnson Matthey said in a report that the platinum market faces its largest supply shortfall in 10 years in 2024.
Additional input from Reuters

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