Gold flat as international prices slip

Gold rates in Pakistan were unchanged on Monday, with the local price holding at Rs439,036 per tola, according to The Express Tribune. The All-Pakistan Gems and Jewellers Sarafa Association published the figures, which kept the 10-gram rate steady at Rs376,402. The metal had dropped by Rs1,600 per tola on Saturday.

Internationally, spot gold dropped 0.5%, to $4,143.91 an ounce as of 11:34 am EDT, while December US futures lost 0.4%, to $4,163.30, Reuters reported. A firmer dollar and higher yields on 10-year US Treasury notes weighed on the non-yielding metal. Adnan Agar of Interactive Commodities put prices near $4,144, with a session low of $4,140 and high of $4,195.

Agar expects the next decisive move to hinge on which boundary of that band prices break through, roughly $4,070 to $4,080 below or near $4,200 above. Oil eased from a five-month high once Donald Trump issued a waiver tied to Russian oil sanctions. Traders put an 83% chance on the Federal Reserve holding its rate steady this month, ahead of next week's decision. Elsewhere, silver rose Rs59 per tola to Rs6,234, while the rupee gained 0.01 against the dollar to close at 276.90 in the inter-bank market.