Gold price in Pakistan falls Rs2,000 per tola

September 07, 2024 (MLN): Gold price in Pakistan decreased on Saturday, with 24-karat gold being sold at Rs261,500 per tola, down Rs2,000.

The loss witnessed in the last trading session of the week dragged the yellow metal to a red weekly close, down by Rs1,000.

This was due to a mixed U.S. jobs report which created uncertainty about the extent of the interest rate cut expected from the Federal Reserve later this month.

U.S. jobs data clocked in weaker than expected in August, implicating that the economy is on a slide.

However, the signals were not entirely negative as on the other side unemployment rate fell to 4.2% and average hourly earnings rose.

The Karachi Sarafa Association further reported the price of 24-karat gold at Rs224,194 per 10-gram, down Rs1,714.

Similarly, the price of 22-karat gold was quoted lower at Rs205,511 per 10-gram.

Similarly, silver prices fell in the domestic market, with 24-karat silver being sold at Rs2,850 per tola (-Rs50) and Rs2,443 per 10-gram (-Rs43).

On the global front, spot gold settled yesterday's trading at $2,497 an ounce, down $19.25 or 0.76% from Thursday.

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