Gold Slides in Pakistan, Philippines as Credit Agricole Flags Recovery

Gold prices fell across Asia on July 9, with Pakistan quotes dropping to PKR 36,206.19 per gram. The move follows a modest rebound in Saudi Arabia on July 8 and earlier weakness near $4,200 per ounce driven by dollar strength and Strait of Hormuz tensions. Despite the pullback, Credit Agricole sees many negatives already priced in and maintains a medium-term target of $5,420, citing structural central-bank demand and potential de-dollarisation support. Speculative net longs rose to 194K contracts even as spot prices reversed three daily gains.