Gold prices have declined in both global and local markets today.
In the international gold 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 fell by Rs 1,500 to Rs 279,300 and the price of gold per 10 gram also fell by Rs 1,286 to Rs 239,455.
Despite the drop in gold prices, silver price remained unchanged, with the price per tola remaining steady at Rs 3,350 and the silver price per 10 grams steady at Rs 2,872.08.
Gold prices fell on Monday as strong US jobs data reinforced the Federal Reserve’s cautious stance on rate cuts and boosted the dollar, although safe-haven demand amid uncertainty over the policies of President-elect President Donald Trump cut losses.
Spot gold was down 0.1 percent at $2,686.33 an ounce by 09:11 GMT, from near one-month highs hit on Friday. U.S. gold futures were 0.2 percent lower at $2,710.60.
The dollar hit a more than two-year high after a U.S. jobs report reinforced the Fed’s cautious approach to easing policy this year amid inflation concerns from potential import tariffs under Trump.
A higher dollar makes dollar-denominated gold more expensive for foreign buyers.
“A stronger dollar and higher US interest rates remain a headwind for gold, but at the same time heightened market uncertainty stemming from higher energy prices, potential tariffs and continued inflation concerns is supporting safe-haven demand for the yellow metal,” said UBS analyst Giovanni Staunovo. .
Trump will take office on January 20, and some economists say his proposed tariffs could potentially spark trade wars and inflation. In such a scenario, gold, considered a hedge against inflation and economic uncertainty, is likely to perform well.
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