After increasing in the last session, gold prices in Pakistan declined on Thursday in line with their decrease in international rates. In the local market, the price of gold per tola decreased by Rs1,100, clocking in at Rs274,400.
Similarly, 10-gram gold was sold at Rs235,254 after it recorded a loss of Rs943, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Wednesday, gold price increased by Rs600 to settle at Rs275,500.
Meanwhile, the international rate of gold decreased on Thursday. As per APGJSA, the rate was at $2,642 per ounce (with a premium of $20), and down by $11 during the day.
Silver prices remained stable at Rs3,050 per tola.
Last week, gold prices hit a record high level of Rs277,000 per tola in Pakistan.
Internationally, gold prices were trading in a tight range on Thursday as traders remained on the sidelines ahead of a key US economic data that may provide clues about the size of the Federal Reserve’s interest rate cuts expected later this year.
Spot gold was flat at $2,655.03 per ounce by 0333 GMT.
Prices hit a record high of $2,685.42 on Sept. 26.
US gold futures gained 0.2% to $2,675.40.
Bullion is considered a safe investment during times of political and
financial uncertainty.
Source: Brecorder
