Gold prices in Pakistan dropped on Tuesday in line with losses in the international market.
In the local market, the price of gold per tola fell by Rs. 7,000, settling at Rs. 423,662, according to data shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10-gram gold also dropped, decreasing by Rs. 6,002 to Rs. 363,221. A day earlier, gold rates in Pakistan had remained stable, with the per tola price recorded at Rs. 430,662 on Monday.
Internationally, gold prices declined by $ 70, reaching $ 4,013 per ounce (including a premium of $ 20). The global market continued its downward trend for the fourth consecutive session, pressured by a stronger US dollar and reduced expectations of a Federal Reserve interest rate cut next month. Spot gold was trading at $ 4,039.19 per ounce at 0131 GMT, while US gold futures for December delivery fell 0.9% to $ 4,038.60 per ounce.
Silver prices also recorded a decrease in the local market, dropping by Rs. 123 to Rs. 5,245 per tola.