Gold prices made slight gains on Thursday as the US dollar eased from its recent four-month high. The softer dollar gave some relief to investors still facing uncertainty over the US economy and the ongoing government shutdown.
According to the latest data, spot gold rose 0.1 percent to $3,986.23 per ounce by 0427 GMT. US gold futures for December delivery also increased to $3,994.60. Despite the mild recovery, the precious metal remains nearly 9 percent lower than its record high of $4,381.21, reached on October 20.
Market experts said the recent movement in gold prices was largely influenced by the weaker dollar, which slipped 0.2 percent after a strong rally earlier in the week. Since gold is priced in dollars, a weaker currency makes it more affordable for investors using other currencies.
Tim Waterer, Chief Market Analyst at KCM Trade, said the dollar’s decline helped gold regain some momentum. “The dollar has nudged a bit lower, which has made it easier for gold to find some upward traction,” he explained.
In the broader market, other precious metals showed mixed trends. Spot silver rose 0.3 percent to $48.22 per ounce, palladium gained 0.2 percent to $1,422.23, while platinum dropped 0.7 percent to $1,550.91.
Adding to global uncertainty, the US Supreme Court raised new questions about the legality of former President Donald Trump’s tariffs, a case that could affect global trade and commodity prices.
In Pakistan, gold prices continued to fall on Wednesday, following the international trend. The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of gold per tola dropped by Rs1,000 to Rs419,362. Similarly, the price of 10 grams fell by Rs857 to Rs359,535. A day earlier, gold had already fallen by Rs3,500 per tola.
While analysts expect some short-term recovery, the overall sentiment for gold remains cautious as global markets await clarity on US economic policies and the government’s fiscal direction.
In other news read more about: Gold Rates in Pakistan Witness Sharp Decline Amid Global Uncertainty
