Gold up despite global market loss - tribune.com.pk

AI desk brief

Pakistan gold rose Rs4,300/tola to Rs441,636 and Rs3,686/10g to Rs378,631 despite weaker international prices, with the move described as a lagged reaction to earlier global gains. Spot gold was down 0.7% at $4,152.86/oz and around 6.6% lower for September, with higher energy prices offsetting some support from softer US inflation data that reduced immediate Fed hike expectations.

The key near-term catalyst is Friday’s US employment data, which the market sees as the next guide for Fed timing. Local trader Adnan Agar said gold is range-bound around $4,100-$4,200/oz, with a breakout likely only if the jobs print shifts rate expectations materially; markets were also pricing a 39% chance of an October rate hike, while the rupee edged up to 277.11/$ and global gold, silver and platinum remained on track for monthly losses but quarterly gains.