Gold prices see minor dip in global and local markets

Gold prices have decreased in both global and local markets.

In the international bullion market, the price of gold per ounce has dropped by $8, bringing the new global price to $2,743.

On the other hand, in local gold markets, the price of 24-carat gold per tola has decreased by Rs 750, reaching Rs 283,700, while the price of gold per 10 grams has also dropped by Rs 641, settling at Rs 245,799.

Furthermore, the price of silver per tola has decreased by Rs 30, now at Rs 3,401, and the price of silver per 10 grams has dropped by Rs 26, standing at Rs 2,915.

It is noteworthy that yesterday, the price of gold per tola had increased by Rs 4,250, reaching Rs 287,450, while the price of gold per 10 grams had increased by Rs 3,642, reaching Rs 246,440.

Gold prices were little changed on Thursday, as market participants awaited further clarity on policies from U.S. President Donald Trump's administration.

Spot gold eased 0.1% to $2,753.14 per ounce by 0852 GMT, trading in a tight range of $8. Prices hit their highest since Oct. 31 on Wednesday.

US gold futures shed 0.4% to $2,760.40.

A line chart titled "Spot gold price in USD per oz" that tracks the metric over time.

"Spot prices are flirting with technically overbought conditions, which suggests that a slight technical pullback is due," said Exinity Group chief market analyst Han Tan.

The Relative Strength Index is at 67, suggesting that gold price is approaching the "overbought" territory starting at 70.

"Gold is set to take further strides towards the psychological $3,000-mark if President Trump's policies in turn boost demand for inflation hedges and safe havens," Tan said.

Trump has proposed imposing tariffs of about 25% on Canada and Mexico, and 10% on China starting February 1. He also mentioned potential tariffs on European imports, but did not provide specific details.

Gold is considered a safe investment amid economic and geopolitical turmoil, but higher interest rates reduce bullion's appeal as it yields no interest.

The Federal Reserve will meet on Jan. 28-29 amid steady economic growth and falling inflation, but is likely to face uncertainty from Trump's proposed policies.

Traders expect a 96% chance that the US central bank will keep its benchmark interest rate unchanged, according to the CME Group's FedWatch Tool.

Spot silver dropped 0.7% to $30.59 per ounce and platinum shed 0.1% to $945.35. Palladium , however, added 1% at $987.30.