Gold Prices steadied around $1,710 an ounce on Thursday, hovering near a one-month high hit in the previous session, as investors awaited a key US inflation report that could signal the size of the Federal Reserve’s interest rate hike in December.
Analysts observed that the market seemed positioned for softer data, and warned that recent months have produced upside surprises. Markets are currently priced for a more moderate half percentage point Fed rate hike next month, but a hotter-than-anticipated inflation report could fuel bets for another supersized 75 basis point increase.
The aggressive tightening campaign by central banks in major economies, as well as China’s ongoing battle against resurgent Covid outbreaks also stoked fresh concerns about a global recession.
While gold is widely considered as a hedge against inflation and economic uncertainties, higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.
While The dollar index steadied above 110 on Thursday after rising nearly 1% in the previous session, with traders looking ahead to a key US inflation report, while constantly tracking midterm election results. The midterm elections proved more competitive than anticipated, as the market had hoped for a landslide win for Republicans that would create a gridlock in Washington.
Gold prices as per interntional market keep on changing daily in Pakistan, and the 24K per tola gold rate in Pakistan today is 142,200. Likewise, 24K per 10 grams gold rate in Pakistan today is 121,900.
|Gold Rate||24k Gold||22k Gold|
|Per Tola Gold||Rs 142,200||Rs 130,324|
|Per 10 Gram Gold||Rs 121,900||Rs 111,741|
|Per Gram Gold||Rs 12,190||Rs 11,174|