Gold’s downward trend in Pakistan has entered its fifth day, which has largely shown wider markets that ended the week on a lamentable note, showed that the data from gems and jewelers All-Pakistan Sarafa (APGJSA) have shown.
The per tola prices (11.7 grams) of the precious metal fell from RS500 to RS300,000, while that of 10 grams slipped from RS438 to RS257,201, the Jewelers Association reported.
On Friday, the ingots extended the losses while the dollar oscillated around two weeks following data on American inflation which complied with the buzz of the market, indicating that the federal reserve could remain conservative towards new drops in rate.
Gold at point has dropped from 1% to $ 2,846.19 per ounce; However, for the week, ingots decreased by 3.1%, marking its strongest weekly decrease since November.
US Gold Futures closed 1.6% drop to $ 2,848.50. The dollar index has been set for a weekly gain, which makes gold at the dollar price more expensive for foreign buyers.
Gold demand, including over-the-counter trade (OTC), increased by 1% to a record summit of 4,974.5 metric tonnes in 2024 as investment increased, said World Gold Council (WGC) earlier this month.
The report added that central banks have accelerated purchases in the fourth quarter.
Central Banks, a large source of gold demand, bought more than 1,000 tonnes of metal for the third consecutive year in 2024.
In the last quarter of 2024, when Trump won the US elections, purchases by central banks accelerated by 54% over a year to 333 tonnes, the WGC calculated, on the basis of declared purchases and an estimate of non -declared purchasing.
Total gold demand, excluding the opaque OTC trading, increased by 1% to 4,553.7 tonnes last year, the highest since 2022, said WGC. He estimates that the request for a violence fell 7% due to a collapse in the last quarter of the year, because the profit taking compensates for the persistent demand from investors with high shuttle.
The consumption of gold jewelry, the largest category of physical demand, dropped by 11% in 2024, while the production of mines was stable and recycling increased by 15%.
The WGC expects the demand for jewelry to remain under pressure and that recycling increases more this year due to high prices.