Similarly, the price of 22-karat gold stood at Rs. 215,256 per 10-gram, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

According to FX Street, gold price retreated a bit from a three-day peak and trades around the $2,640 area during the early European session on Friday, still up over 0.40% for the day. A surge in the US weekly jobless claims pointed to signs of weakness in the labor market and should allow the Federal Reserve (Fed) to continue cutting interest rates. This, in turn, triggers a modest decline in the US Treasury bond yields, which, along with a softer risk tone, assists the non-yielding yellow metal to gain positive traction for the second straight day.

As per the report, `investors fully priced out the possibility of another oversized interest rate cut by the Fed in November following the release of stronger-than-expected US consumer inflation figures on Thursday. This, in turn, helps the US Dollar (USD) to stall the previous day’s corrective pullback from its highest level since mid-August and acts as a headwind for the Gold price. Traders now look to the US Producer Price Index (PPI), the Preliminary Michigan Consumer Sentiment Index and Inflation Expectations, and Fedspeak for short-term impetus.