Gold Prices in Pakistan Finally Fall After Major Increase This Week

Gold prices in Pakistan fell on Wednesday as the international market also saw a decline. In the local market, the price of gold per tola dropped by Rs. 1,000 to settle at Rs. 434,762. Similarly, the price for 10 grams of gold decreased by Rs. 857, reaching Rs. 372,738, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold had surged, with the price per tola reaching Rs. 435,762 after a gain of Rs. 5,900 during the day. Internationally, the gold rate slipped by $10 to $4,124 per ounce (including a $20 premium). Meanwhile, silver prices in the local market moved higher, increasing by Rs. 81 to reach Rs. 5,434 per tola. On the global front, gold prices retreated on Wednesday, pressured by a stronger dollar and profit-taking after bullion touched a near three-week high in the previous session amid expectations of a US Federal Reserve interest rate cut next month. Spot gold was down 0.5 percent at $4,107.41 per ounce as of 0421 GMT, after hitting its highest since October 23 on Tuesday. US gold futures for December delivery slipped 0.1 percent to $4,113.80 per ounce.