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Gold prices see big drop in Pakistan

28 October, 2024 17:51

Gold prices in Pakistan declined on Monday, with a drop of Rs900 per tola to Rs283,400, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price for 10 grams of gold fell by Rs771 to Rs242,970.

This adjustment follows a decrease in international gold rates.

The international market witnessed a decline of $9 per ounce, with gold priced at $2,739, accompanied by an additional premium of $20. In contrast, silver prices remained stable at Rs3,350 per tola.

Industry experts suggest that the decline in gold prices may be an opportunity for buyers, but caution against potential price volatility.

Globally, gold prices eased on Monday, weighed down by a firmer dollar and higher Treasury yields while traders await a slew of U.S. economic data for guidance on the U.S. Federal Reserve’s interest rate stance.

Spot gold lost 0.6% to $2,731.79 an ounce. Bullion hit a record high of $2,758.37 last Wednesday, lifted by safe-haven demand in the face of market risks from continuing conflict in the Middle East and Ukraine.

U.S. gold futures declined 0.4% to $2,744.20.

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