KEY POINTS
- Gold per tola falls to Rs 423,662 after a decline of Rs7,000
- 10-gram gold drops by Rs 6,002 to Rs 363,221, per APGJSA
- International gold slips by $70 to $4,013 per ounce (including $20 premium)
- Silver price declines by Rs 123 to Rs 5,245 per tola
ISLAMABAD: Gold prices in Pakistan fell sharply on Tuesday as the domestic bullion market mirrored losses in global benchmarks, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The drop extended the downward trend seen in international trade, where gold continued to slide for a fourth consecutive session.
APGJSA data showed that the per tola gold rate declined by Rs 7,000, settling at Rs 423,662. The price of 10-gram gold also registered a significant fall of Rs 6,002, closing at Rs 363,221. The association noted that the domestic market adjustment followed a steep decline in global prices.
In the international market, gold fell by $70 to $4,013 per ounce, which includes a premium of $20. Traders attributed the extended slide to a stronger US dollar and fading expectations of a Federal Reserve rate cut in the coming month.
Spot gold hovered near $4,039.19 per ounce in early trade, while US futures for December delivery eased to around $4,038.60.
Silver prices also moved lower in the local market. APGJSA reported a decrease of Rs 123 per tola, bringing the price to Rs 5,245.
