Gold prices go down locally, globally

Gold prices in Pakistan saw a decline on Monday in line with the decrease in international rates. The price of gold per tola dropped by Rs1,300, settling at Rs277,500, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

In line with the decline in per tola prices, the price of 10-gram gold also fell by Rs1,115, now priced at Rs237,911.

On Saturday, gold prices had remained unchanged at Rs278,800 per tola.

Meanwhile, the international gold rate saw a reduction on Monday, with the price of an ounce of gold decreasing by $13 to $2,670 (with a $20 premium), as reported by the APGJSA.

Silver prices in the local market remained stable, holding at Rs3,300 per tola.

Gold prices in Pakistan had reached an all-time high of Rs287,900 per tola last month, driven by geopolitical tensions in the Middle East and growing uncertainty ahead of the upcoming US elections, which have increased demand for the precious metal as a safe-haven asset.

Globally, gold prices showed little change in early Asian trading hours on Monday, as investors awaited comments from Federal Reserve officials and upcoming economic data to assess the US interest rate outlook.