Gold prices in Pakistan continued their downward slide on Tuesday, following a sharp decline in international bullion rates. According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs14,000, settling at Rs416,362 in the local market.
Similarly, the price of 10-gram gold dropped by Rs12,003, reaching Rs356,963. This marks the second consecutive day of losses for the precious metal after it shed Rs3,300 per tola on Monday, when the price had stood at Rs430,362.
In the international market, gold also faced significant pressure. The rate dropped to $3,940 per ounce (including a $20 premium), reflecting a decline of $140 during the day, as per APGJSA data. Meanwhile, silver prices in Pakistan fell by Rs173 per tola, closing at Rs4,924.
However, later in the global session, spot gold regained some lost ground, climbing 0.7% to $4,009.39 per ounce by 0141 GMT, after plunging more than 3% on Monday — its lowest level since October 10. U.S. gold futures for December delivery also edged up 0.1% to $4,022.10 per ounce.
Market analysts attribute the recent fluctuations to a combination of U.S. dollar weakness, expectations of further Federal Reserve rate cuts, and improving U.S.-China trade sentiment, which collectively influenced investor appetite for safe-haven assets.
