Gold prices have decreased in both global and local markets today.
In the international bullion market, the price of gold per ounce fell by $15, bringing the new global price to $2,675.
Meanwhile, in the local gold markets, the price of 24-carat gold per tola dropped by Rs 1,500 to Rs 279,300, and the price of gold per 10 grams also decreased by Rs 1,286 to Rs 239,455.
Despite the drop in gold prices, the price of silver remained unchanged, with the per tola price stable at Rs 3,350 and the price of silver per 10 grams holding steady at Rs 2,872.08.
Gold prices eased on Monday as strong U.S. jobs data reinforced the Federal Reserve’s cautious stance on interest rate cuts and boosted the dollar, though underlying safe-haven demand amid uncertainty around President-elect Donald Trump’s policies curbed losses.
Spot gold was down 0.1% at $2,686.33 per ounce as of 0911 GMT, off almost one-month highs reached on Friday. U.S. gold futures were 0.2% lower at $2,710.60.
The dollar index hit an over two-year high after the U.S. jobs report reinforced the Fed’s cautious approach towards policy easing this year amid concerns of inflation from potential import tariffs under Trump.
A higher dollar makes the greenback-priced bullion more expensive for foreign buyers.
“Stronger dollar and higher U.S. rates remain a headwind for gold, but at the same time elevated market uncertainty coming from higher energy prices, potential tariffs and ongoing inflation concerns, supports safe-haven demand for the yellow metal,” UBS analyst Giovanni Staunovo said.
Trump will take office on Jan. 20 and some economists say his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation and economic uncertainty, is likely to perform well.
