Gold prices drop by Rs1,000 per tola in Pakistan – check new rates

Gold prices in Pakistan dropped again on Wednesday, following a similar downward trend in the international market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs1,000, bringing it down to Rs419,362. Likewise, the price of 10 grams of gold went down by Rs857 to Rs359,535.

Just a day earlier, on Tuesday, gold had already dropped by Rs3,500 per tola to settle at Rs420,362.

In the international market, the price of gold also slipped by $10, reaching $3,970 per ounce (including a $20 premium). Meanwhile, silver prices in the local market stayed unchanged at Rs5,022 per tola.

However, later on Wednesday, global gold prices started to recover slightly as buyers took advantage of the lower rates. Spot gold rose 0.8% to $3,961.85 per ounce by 03:46 GMT, after dropping over 1.5% the previous day to its lowest since October 30.

US gold futures for December delivery also edged up by 0.2% to $3,970.10 per ounce.

Analysts said investors are now watching the upcoming US private payroll data, which may give hints about possible future interest rate cuts, likely to influence gold prices in the coming days.

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