Gold prices in Pakistan continued their downward trend on Tuesday, mirroring losses in the international market.
In the local market, the price of gold per tola fell by Rs. 14,000 during the day, settling at Rs. 416,362.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold dropped by Rs. 12,003 to reach Rs. 356,963.
On Monday, gold prices had already seen a decline, with the per tola rate falling by Rs. 3,300 to close at Rs. 430,362.
Internationally, gold prices also decreased, with the rate standing at $3,940 per ounce (including a $20 premium), reflecting a loss of $140, as reported by APGJSA. Silver prices in the local market followed suit, dropping by Rs. 173 per tola to Rs. 4,924.
However, international gold prices regained some ground later on Tuesday, rising above the $4,000-per-ounce mark. This rebound was supported by a weaker dollar and expectations of further Federal Reserve rate cuts, which outweighed pressure from signs of easing U.S.-China trade tensions.
As of 0141 GMT, spot gold was up 0.7% at $4,009.39 per ounce, after falling more than 3% on Monday to its lowest level since October 10. U.S. gold futures for December delivery edged up 0.1% to $4,022.10 per ounce.
