The price of 24 karat per tola gold decreased by Rs800 and was sold at Rs282,300 on Friday compared to its sale at Rs. 283,100 on last trading day, according to the All Sindh Sarafa Jewellers Association.
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The association reported that the price of 10-gram gold decreased to Rs242,027 from Rs242,713 whereas the price of 10-gram gold of 22-karat declined to Rs221,858 from Rs222,487.
According to FX Street, gold price maintained its offered tone near the lower end of its daily range through the first half of the European session and is pressured by a combination of factors.
The USD seemed to have stalled its corrective pullback from a nearly three-month high touched on Thursday amid bets for smaller rate cuts by the Federal Reserve (Fed). This, along with a generally positive risk tone, is seen undermining the safe-haven precious metal, it reported.
Thus, a further downtick in the US Treasury bond yields is holding back the USD bulls from placing aggressive bets. Apart from this, the US political uncertainty ahead of the November 5 presidential election and a further escalation of tensions in the Middle East might offer some support to the Gold price. Traders now look forward to the US macro data – Durable Goods Orders and the revised Michigan Consumer Sentiment Index for short-term opportunities, the report said.
