Pakistan(National Times)- Gold’s downtrend in Pakistan entered its fifth day, largely shadowing broader markets that ended the week on a dismal note, data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) showed. The per tola (11.7 grammes) prices of the precious metal dropped by Rs500 to Rs300,000, while that of 10 grammes slid by Rs438 to Rs257,201, the jewellers association reported. Bullion extended losses on Friday as the dollar hovered around two-week highs in the wake of US inflation data that fell in line with the market buzz, signaling the Federal Reserve might remain conservative toward further rate cuts. Spot gold fell 1% to $2,846.19 per ounce; however, for the week, bullion declined 3.1%, marking its sharpest weekly drop since November. US gold futures closed 1.6% lower at $2,848.50. The dollar index was set for a weekly gain, making dollar-priced gold more expensive for overseas buyers. The demand of gold including over-the-counter (OTC) trading rose by 1% to a record high of 4,974.5 metric tons in 2024 as investment increased, the World Gold Council (WGC) said earlier this month. The report added that central banks sped up buying in the fourth quarter. Central banks, a major source of gold demand, bought more than 1,000 tons of the metal for the third year in a row in 2024. In the final quarter of 2024, when Trump won the US election, buying by central banks accelerated by 54% year on year to 333 tons, the WGC calculated, based on reported purchases and an estimate of unreported buying. Total gold demand, excluding opaque OTC trading, rose 1% to 4,553.7 tons last year, the highest since 2022, the WGC said. It estimates that OTC demand fell 7% due to a slump in the final quarter of the year as profit-taking offset persistent demand from high-net-worth investors. Gold jewellery consumption, the biggest category of physical demand, fell 11% in 2024, while mine production was steady and recycling rose 15%. The WGC expects jewellery demand to remain under pressure and recycling to rise further this year due to high prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pakistan(National Times)- Gold’s downtrend in Pakistan entered its fifth day, largely shadowing broader markets that ended the week on a dismal note, data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) showed. The per tola (11.7 grammes) prices of the precious metal dropped by Rs500 to Rs300,000, while that of 10 grammes slid by […]<\/p>\n","protected":false},"author":2,"featured_media":99789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-99788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","entry"],"yoast_head":"\n