Gold prices in Pakistan dip sharply on Tuesday as the precious metal continued to face pressure from declining international rates.
According to the All Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold dropped by Rs7,000, bringing it down to Rs423,662 per tola. The rate for 10 grams also decreased by Rs6,002, settling at Rs363,221. Prices for 22-karat gold slipped to Rs332,964 per 10 grams.
Silver prices moved in the same direction. The rate for 24-karat silver declined to Rs5,245 per tola, while 10 grams were priced at Rs4,496.
Local traders said the consistent decline in gold prices in Pakistan is mainly due to weakness in the global bullion market, where sentiment has turned bearish over the past few days.
International gold prices continued their downward slide for the fourth consecutive session. The global market saw spot gold trading near $4,022 per ounce, down by $14.3 from the previous close. By mid-day, prices had dropped further to $4,011.85 per ounce, a decline of 0.8 percent.
Similarly, US gold futures for December delivery were trading lower at $4,010.90 per ounce, reflecting reduced investor confidence amid a stronger US dollar and fading hopes of near-term interest rate cuts.
Analysts expect bullion prices to remain under pressure unless global economic signals shift in favour of safe-haven assets.
