KARACHI: After weeks of sharp swings, gold prices in Pakistan remained stable on Thursday, giving investors a brief respite from the ongoing rally.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola held steady at Rs388,600. The 10-gram gold rate also remained unchanged at Rs333,161. Meanwhile, silver rose slightly by Rs31, reaching Rs4,418 per tola.
The calm in the local market follows a pause in international gold prices. Spot gold eased 0.1 percent to $3,657.21 an ounce, retreating from the record high of $3,707.40 reached earlier this week. US gold futures for December delivery also fell 0.7 percent to $3,691.
The slight decline came after the US Federal Reserve cut interest rates by 25 basis points, a move widely expected by traders. Fed Chair Jerome Powell described the reduction as a “risk-management” step to support a weakening labor market, while noting that future rate decisions would be made on a “meeting-by-meeting” basis.
Analysts said the market had hoped for more aggressive easing, which kept gold from gaining further. Peter Fertig of Quantitative Commodity Research noted that “the market expected the opportunity cost of holding gold to decline more sharply than the Fed decided.”
The dollar index rose 0.2 percent following the announcement, making gold slightly more expensive for buyers using other currencies.
Gold has experienced a volatile September in Pakistan, mirroring international trends. Prices surged from Rs370,700 per tola on September 1 to a record Rs391,000 on September 16 before slipping back to Rs388,600. The overall trend shows significant gains, driven by global uncertainty and speculation over US monetary policy.
Traders in Pakistan say the local bullion market is now taking a breather. Future movements in gold prices will depend on international cues, particularly the strength of the dollar and interest rate decisions. With gold hovering near historic highs, investors are watching closely to see if the pause is temporary or signals a broader pullback.
Gold remains a key focus for both buyers and investors as they navigate these uncertain market conditions.
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