- Gold price in Pakistan settles at Rs221,700 per tola.
- Price of silver remains unchanged in local market.
- Yellow metal loses $2 in the international market.
KARACHI: Gold prices in Pakistan started the week on a negative note as they receded in line with the developments in the international market on Monday.
According to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) appreciated by Rs1,100 per tola and Rs943 per 10 grams to settle at Rs221,700 and Rs190,072, respectively.
Meanwhile, the price of the yellow metal decreased by $2 to settle at $1,94 per ounce in the international market as the US dollar and Treasury yields gained after traders digested Friday’s jobs report, with attention turning to US inflation data later this week.
The US economy added fewer jobs than expected in July, data showed on Friday, but solid wage gains and a decline in the unemployment rate pointed to continued tightness in labour market conditions.
“Market participants still see the job market in the US being tight… it’s not a considerably strong slowdown in job activity,” said UBS analyst Giovanni Staunovo.
The dollar regained some ground, while benchmark 10-year Treasury yields also rose after sliding from November highs on Friday.
Non-yielding gold is often sought as a safe investment against inflation but tends to lose its sheen when rates rise.
Data shared by the association also showed that silver prices remained unchanged to settle at Rs2,750 per tola and Rs2,357.68 per 10 grams, respectively.
