On Thursday, the 24 karat per tola gold sold at Rs282,800 against its sale at Rs 280,500 on previous trading day, according to the All Sindh Sarafa Jewellers Association.

The association further reported that the price of 10 grams of 24 karat gold also increased by Rs1,971 to Rs242,455 from Rs240,484. The rate of 10 gram 22 karat also went up to Rs222,250 from Rs220,443, it added.

According to an FXStreet report, gold price struggled to capitalize on its intraday bounce from sub-$2,700 levels and held steady in neutral territory during the first half of the European session on Thursday.

On Wednesday, the US Consumer Price Index (CPI) report released indicated that the progress in lowering inflation toward the Federal Reserve s (Fed) 2% target has virtually stalled.

This, along with speculations that US President-elect Donald Trump s expansionary policies will boost inflation, suggests that the Fed will adopt a more cautious stance on cutting interest rates. The less dovish outlook leads to a further rise in the US Treasury bond yields and acts as a headwind for the non-yielding yellow metal, it said.

The downside for the Gold price, however, remains cushioned in the wake of geopolitical risks stemming from the worsening Russia-Ukraine war and tensions in the Middle East. Moreover, concerns over Trump s tariff plans and bets that the Fed will deliver a third consecutive interest rate cut next week continue to act as a tailwind for the safe-haven XAU/USD. Meanwhile, subdued US Dollar (USD) price action does little to provide any impetus to the commodity.