Pakistan Gold Prices Soar Amid Weakening Dollar and US Labour Market Uncertainty
Gold prices in Pakistan surged on Wednesday, as investors sought safe-haven assets amid a weakening US dollar and ahead of key US labour market data. The price of 24-karat gold jumped Rs10,000 per tola to Rs437,936, while the price of 10-gram gold rose Rs8,573 to Rs375,459. This follows gains in international bullion markets, where spot gold edged higher as the US dollar weakened against major currencies.
A softer dollar makes gold less expensive for buyers using other currencies, increasing global demand for the precious metal. Investors are closely monitoring a series of US employment reports, including the ADP jobs report and the non-farm payrolls data, for signals on the future direction of US monetary policy.
US gold futures for December delivery rose 4% to $4,317.40 per ounce, according to Reuters. Market analysts believe weaker-than-expected labour market data could influence expectations about the US Federal Reserve's next interest rate decision.