Gold prices register decline in local market

Gold prices in Pakistan recorded a decline on Thursday, following a decrease in the international market. The price of gold per tola in the local market dropped by Rs700, settling at Rs275,200.

Similarly, the price of 10 grams of gold decreased by Rs600, bringing it to Rs235,940, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The drop in local gold prices follows a global downturn, with the international gold rate falling to $2,640 per ounce, down $7 from the previous day. The decline in international prices was attributed to a strengthening US dollar, as investors evaluated new economic data showing stagnation in inflation progress, which may influence the Federal Reserve’s approach to interest rates.

In contrast, silver prices in Pakistan remained stable, holding steady at Rs3,400 per tola.

On Wednesday, Pakistan’s gold prices had increased by Rs1,600 per tola, reflecting the volatility often seen in the precious metals market.