ISLAMABAD:,,, The per tola price of 24 karat gold in the local market increased by Rs250 and was traded at Rs.228,550 on Thursday as against its sale at Rs. 228,300 on the last trading day.
The price of 10 grams 24 karat gold also increased by Rs.215 to Rs195,945 from Rs. 195,735 whereas that 10 gram 22 karat gold increased to Rs.179,616 from Rs.179,420, the All Sindh Sarafa Jewellers Association reported
The price of per tola and ten-gram silver witnessed no change and was traded at Rs2,600 and Rs2,229.08 respectively.
The price of gold in the international market increased by $9 and was traded at $2,188 from $2,179, the Association reported.
Gold prices fell on Thursday, hit by a firmer U.S. dollar and elevated Treasury yields, while traders awaited more U.S. economic data that could steer hopes for a mid-year rate cut by the Federal Reserve.
Spot gold fell 0.3% to $2,166.90 per ounce as of 0742 GMT. U.S. gold futures dipped 0.4% to $2,172.00.
The U.S. dollar index (.DXY), opens new tab gained 0.1%, while the 10-year Treasury yield was above its 200-day moving average at 4.2036%.
A firmer dollar makes gold more expensive for other currency holders and higher bond yields decrease the appeal of the non-yielding bullion.
Investors await U.S. retail sales data, the producer prices index (PPI) report and jobless claims due later in the day to gauge the U.S. economy’s health and if it will deter the Fed from cutting rates in June.
“There was a mini pullback in gold prices after U.S. CPI data release, but it doesn’t change the market’s view by much on U.S. monetary policy,” said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.
“With today’s PPI data, if the core annual figure reading appears near expectations, I still reckon that gold price could remain supported.”
Traders see a 67% chance of a June rate cut, according to LSEG’s interest rate probability app, down from 72% before data suggested some stickiness in inflation.
