Overview
- International spot gold traded near $5,000 per ounce on March 16, briefly dipping below that mark, while silver fell under $80.
- In Pakistan, 24-karat gold dropped for a fourth day to Rs522,762 per tola and Rs448,184 per 10 grams, with silver at Rs8,441 per tola.
- India’s All India Sarafa Association reported gold down about Rs2,950 to roughly Rs1.60 lakh per 10 grams in Delhi, with silver tumbling Rs9,000 to about Rs2.56 lakh per kg.
- Analysts linked the pullback to crude above $100 after strikes around Iran’s Kharg Island, a firmer US dollar, and fading expectations of near-term Federal Reserve rate cuts.
- Market technicians described the move as a short-term consolidation within a broader uptrend, with GLD flows and key support near $5,000 guiding near-term watchpoints ahead of the Fed meeting.