The per tola price of gold decreased and sold at Rs276,700 compared to its sale at Rs277,000 on last trading day, the All Sindh Sarafa Jewellers Association reported.

The price of 10-gram of 24-karat gold also decreased to Rs237,226 from Rs237,482, the association said. The price of 10 gram 22 karat gold went down to Rs217,456 from Rs217,693, it added.

It noted that the price of per tola and ten gram silver remained constant at Rs.3,050 and Rs.2,614.88 respectively.

According to FX Street, the release of the upcoming Personal Consumption Expenditures (PCE) Price Index by the United States Bureau of Economic Analysis is expected to have a nuanced impact on the gold market. While the PCE is the Federal Reserve’s preferred inflation gauge, and any deviation from expectations can momentarily influence the US Dollar (USD), it is unlikely to result in a major shift in the central bank’s interest rate policy. For the gold market, which is highly sensitive to interest rate changes and USD fluctuations, this means that the immediate reaction may be muted unless there is a significant surprise in the data. A modest increase in the core PCE index, as projected, is unlikely to alter the broader outlook on the Fed s policy path, leaving gold prices in a relatively stable zone.

Nevertheless, in the medium to long term, the PCE data will still shape the narrative around inflation expectations and, consequently, the demand for gold as a hedge against inflation, it said.