Gold prices go down in Pakistan amid global decline
12 November, 2024 18:15
Gold Hits Record High as Prices Rise by Rs10,000 Per Tola - Check New Rates
Gold prices in Pakistan saw a notable decrease on Tuesday, mirroring a drop in international markets, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
The price of gold per tola (11.66 grams) dropped by Rs7,000, settling at Rs270,500. Similarly, the price of 10 grams of gold fell by Rs6,000, reaching Rs231,911.
This follows a smaller decline on Monday, when gold prices had fallen by Rs1,300 to Rs277,500 per tola.
Silver prices also saw a reduction, decreasing by Rs50 per tola to Rs3,250.
Globally, gold prices also saw a pullback on Tuesday, with the price of an ounce recorded at $2,593, including a $20 premium, down $77 from the previous day.
The decline in international rates was attributed to investor caution as markets awaited critical U.S. economic data and comments from Federal Reserve officials, which could provide insights into the future direction of interest rates.
While prices have dipped in recent days, gold has reached historic highs in recent weeks, largely due to escalating geopolitical tensions in the Middle East and growing uncertainty ahead of the upcoming U.S. presidential election.
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