Gold price registers another drop in Pakistan

The gold price has registered another drop of Rs650 per tola to settle at Rs 215,850 per tola in Pakistan on Thursday.

The price of 24-karat gold has decreased by Rs650 to settle at Rs215,850 per tola.

The association said after a decline of Rs557, 10 grams of 24-karat gold has settled at Rs185,057, the state news agency quoted the All Pakistan Gems and Jewelers Association (APGJA).

The price of gold in the international market has decreased by $6.

On the other hand, gold prices edged up on Thursday as the US dollar ticked lower, but the bullion lacked the impetus to move higher as investors remained on the sidelines in holiday-thinned trading and an uncertainty around the Federal Reserve’s upcoming rate path, according to Reuters.

Spot gold was up 0.1% at $1,992.36 per ounce, as of 1041 GMT, after hitting a three-week high of $2,007.29 on Tuesday. U.S. gold futures were steady at $1,993.30.

“Absent any fresh influences, I still don’t think that gold has the momentum to maintain prices much above $2,000 for the rest of the year,” said StoneX analyst Rhona O’Connell.

“Underlying forces are still supportive for the longer term (geopolitics, especially the Middle East and the probability of further banking stresses in the States and elsewhere), but unless either or both of these escalate, we are likely to see prices drift.”

Supporting gold, the dollar was down 0.3% against its rivals. Meanwhile, the benchmark U.S. 10-year Treasury yields closed at a two-month low on Wednesday.

Lower interest rates decrease the opportunity cost of holding gold.

Trading is expected to be thin with most markets in the U.S. closed for the Thanksgiving holiday.