All Sindh Sarafa Jewellers Association reported that the 24-karat per tola gold sold at Rs275,200 on Thursday against its sale at Rs275,900.
The association further reported that the price of 10 grams of 24 karat gold also went down by Rs600 to Rs235,940 from Rs236,540. The rate of 10 gram 22 karat gold increased to Rs216,278 from Rs216,828, it added.
In the international market, gold price reversed an intraday dip to the $2,620 area and traded near the daily high during the first half of the European session on Thursday, albeit it lacks bullish conviction, according to FX Street.
Investors remain concerned that US President-elect Donald Trump s tariff plans will impact the global economic outlook. This, along with the worsening Russia-Ukraine conflict, turn out to be key factors that continue to act as a tailwind for the safe-haven precious metal, it maintained.
The report maintained that the prospects for slower interest rate cuts by the Federal Reserve (Fed), bolstered by Wednesday s mostly upbeat US macro data, trigger a modest rebound in the US Treasury bond yields. This, in turn, helps revive the US Dollar (USD) demand and caps the upside for the non-yielding Gold price. Apart from this, a positive risk tone further holds back bulls from placing aggressive bets amid relatively thin trading volumes on the back of a US holiday.