Gold price in Pakistan falls Rs500 per tola

November 05, 2024 (MLN): Gold price in Pakistan decreased on Tuesday, with 24-karat gold being sold at Rs283,200 per tola, down Rs500.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs242,798 per 10-gram, down Rs429.

Similarly, the price of 22-karat gold was quoted lower at Rs222,565 per 10-gram.

On the other hand, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs3,430 per tola (-Rs0) and Rs2,941 per 10-gram (-Rs0).

On the global front, spot gold traded near $2,737 an ounce, up $0.9 or 0.03% from the previous session.

Market participants await the outcome of the U.S. presidential election and a Federal Reserve policy verdict this week.

"Gold traders and investors are likely to withhold their responses until early signals emanate from the U.S. presidential race," said Han Tan, chief market analyst at Exinity Group, Reuters reported.

Gold should rise if Harris wins, due to her policies supporting low interest rates, but a sudden dollar spike could reduce gold's value if Trump wins, Tan said.

Gold should ultimately claim the $2,800 handle "once the dust settles" after the U.S. election, Tan added.

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