Gold loses Rs7,000 per tola in local market

Gold prices saw a substantial decrease in the local market after remaining constant on Monday. According to the All Pakistan Gems and Jewellers Association (APGJA), the price of gold fell by Rs7,000, with one tola settling at Rs423,662.

Meanwhile, the price of 10 grams dipped by Rs6, 002 reaching 363,221 in the local market.

The international gold price dropped by $70, settling at $4,013 per ounce, with an additional premium of $20.

At the same time, silver prices fell by Rs123, reaching Rs5, 245 per tola.

Globally, gold declined for the fourth consecutive day on Tuesdayafter remaining stable on Monday, pressured by a strong US dollar and reduced expectations of an interest rate cut in the United States next month.

Spot gold was down 0.1% at $4,039.19 per ounce with an additional premium of $20, while US December gold futures slipped 0.9% to $4,038.60 per ounce.