Gold prices dip in Pakistan amid global decline

Gold prices in Pakistan experienced drop on Tuesday, following a decrease in international rates, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).

The price of gold per tola (11.66 grams) fell by Rs7,000, settling at Rs270,500. Similarly, the price of 10 grams of gold declined by Rs6,000, bringing it to Rs231,911.

This follows a smaller decline on Monday when gold prices had decreased by Rs1,300, settling at Rs277,500 per tola.

Silver prices also saw a reduction, dropping by Rs50 per tola to Rs3,250.

Internationally, gold prices also retreated on Tuesday. The rate of gold was recorded at $2,593 per ounce, with a premium of $20, down by $77 from the previous day. 

The drop in global prices was attributed to investor caution as they awaited key US economic data and statements from Federal Reserve officials, which could provide guidance on future interest rate decisions.

Despite recent declines, gold prices have surged to historic highs in recent weeks, driven by geopolitical tensions in the Middle East and uncertainty surrounding the upcoming US presidential election.

In fact, last month, gold prices in Pakistan hit an all-time high of Rs287,900 per tola, reflecting a global trend of increased demand for safe-haven assets amid economic and political uncertainties.