KEY POINTS
- Gold per tola drops by Rs4,100 to Rs384,000, says APGJSA
- Pullback follows record high of Rs388,100 a day earlier
- Global gold eases from $3,674 peak as US inflation data fuels Fed cut bets
KARACHI, Pakistan: Gold prices in Pakistan retreated on Thursday, snapping a record-high run, as the per tola rate dropped by Rs 4,100 to Rs 384,000, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The 10-gram rate also fell, settling at Rs 329,218 after a decrease of Rs 3,515.
The drop comes just a day after bullion in the domestic market had hit an all-time high of Rs388,100 per tola on Wednesday, extending a rally that saw prices climb sharply in recent sessions.
Silver rates also eased down with the per tola price at Rs 4,550 and the 10-gram price at Rs 3,900.
Globally, spot gold hovered at $3,636.59 per ounce, down from this week’s peak of $3,674.
The retreat followed softer-than-expected US producer inflation data, which strengthened expectations of an imminent Federal Reserve rate cut, Reuters reported.
DailyForex cited analysts as saying that gold faces resistance around $3,670–$3,700 with support near $3,600–$3,610.
The upcoming US Consumer Price Index release could set the tone for the next move, they added.
