Gold prices slipped on Friday as a stronger dollar dampened demand for the precious metal, with investors keeping a close eye on US Federal Reserve Chair Jerome Powell’s remarks at the annual Jackson Hole symposium later in the day.
Spot gold was down 0.2 percent at $3,333.01 per ounce by 0353 GMT, while US gold futures for December delivery also eased 0.2 percent to $3,376. The US dollar index hovered near a two-week high, making bullion more expensive for buyers using other currencies.
Investors eye Powell’s signal
Market players were waiting to see whether Powell would give any clear direction on the Fed’s next policy move. While futures markets are currently pricing in a 75 percent chance of a quarter-point rate cut in September, several Fed officials struck a cautious tone on Thursday, suggesting they were not yet convinced of the need for a reduction.
Tim Waterer, chief market analyst at KCM Trade, said gold was struggling to gain ground in the current climate. “With a Russia-Ukraine peace deal still a possibility, and the dollar attracting some buyers, gold is facing headwinds,” he noted. “But if Powell’s message is interpreted as dovish, the dollar could quickly weaken, and gold may be on the move higher again.”
Recent US data added to the uncertainty. Jobless claims rose last week by the most in nearly three months, while the prior week saw unemployment claims reach their highest level in almost four years. The Fed faces a tricky balancing act, with inflation still sitting above its 2 percent target and concerns that new tariffs on imports introduced by the Trump administration could drive prices higher.
In other metals, spot silver slipped 0.2 percent to $38.08 per ounce, platinum shed 0.9 percent to $1,341.46, while palladium edged up 0.2 percent to $1,112.92.
Gold prices in Pakistan
Gold prices in Pakistan continued their volatile run this week, mirroring movements in the international market.
On Thursday, the price of gold per tola climbed by Rs2,000 to settle at Rs357,200, while the 10-gramme rate increased by Rs1,715 to reach Rs306,241, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
A day earlier, the per tola rate had slipped to Rs355,200 after a Rs1,400 fall.
Gold price trend in Pakistan (August 2025):
| Date | Gold price per tola (Rs) | Change (Rs) | Movement |
| August 22 | 357,200 | +2,000 | Increase |
| August 21 | 355,200 | -1,400 | Decrease |
| August 20 | 355,200 | -1,400 | Decrease |
| August 19 | 356,600 | -1,100 | Decrease |
| August 18 | 357,700 | +1,500 | Increase |
| August 16 | 356,200 | -900 | Decrease |
| August 15 | 357,100 | -1,000 | Decrease |
| August 13 | 358,100 | -200 | Decrease |
| August 12 | 358,300 | -500 | Decrease |
| August 11 | 358,800 | -3,600 | Decrease |
| August 9 | 362,400 | -300 | Decrease |
| August 8 | 362,700 | +500 | Increase |
| August 7 | 362,200 | +2,900 | Increase |
| August 6 | 359,300 | +1,300 | Increase |
| August 5 | 358,000 | -1,500 | Decrease |
| August 4 | 359,500 | +500 | Increase |
| August 2 | 359,000 | +6,100 | Increase |
| August 1 | 352,900 | -100 | Decrease |
The market in Pakistan has largely tracked global trends this month, with prices swinging sharply between gains and losses depending on international cues, particularly the dollar’s strength and investors’ sentiment around US monetary policy.
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