Gold prices range-bound amid selling pressure

In recent weeks, buoyant gold prices have remained range-bound in Pakistan, rising by only Rs600 on Monday, reflecting a similar trend in the international market and reaching Rs318,600 per tola. The price of 10-gram gold stood at Rs273,148 after a gain of Rs515, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). International gold prices for Pakistan also saw a modest rise. As per APGJSA, the global gold rate stood at $3,027 per ounce (including a $20 premium), marking an increase of $5 during the day. Despite the mild rise, market analyst Adnan Agar, Director of Interactive Commodities, highlighted the downward pressure in the market. He noted that gold opened at $3,024 per ounce, peaked at $3,033, and later dropped to $3,007. According to Agar, the market is experiencing selling pressure, and if the price closes below $3,000, it could decline further to $2,960. He emphasised that the market's movement beyond this level will be crucial in determining the next trend.