Gold declines by Rs3,500 per tola as global rates weaken

Gold prices decreased in the local market on Thursday, with the per tola rate falling by Rs3,500 to settle at Rs433,862.

According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of gold also dropped by Rs3,001, closing at Rs371,966.

On Wednesday, gold prices had already witnessed a sharp decline of Rs7,538 per tola, bringing the rate down to Rs437,362.

The international gold rate also fell today, standing at $2,415 per ounce (including a $20 premium), reflecting a decline of $35, according to the APGJSA.

Meanwhile, the silver price remained unchanged at Rs5,110 per tola.

On the global market, gold prices slipped slightly on Thursday, pressured by a stronger US dollar as investors awaited key US inflation data later in the week for indications on the future direction of interest rates.

Spot gold fell 0.2% to $2,384.29 per ounce, while US gold futures for December delivery rose 0.9% to $2,400.90 per ounce.