Gold prices hold ground at Rs444,900 per tola

Gold prices in Pakistan remained stable on Tuesday, with the local market rate holding steady at Rs444,900 per tola.

According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of gold also remained unchanged at Rs381,430, following a drop of Rs1,200 earlier.

On Monday, the price of gold per tola had fallen by Rs1,400, settling at Rs444, 900 by the end of the day.

Gold prices in Pakistan saw a significant drop on Monday, mirroring a decline in international bullion markets. As reported by the All Pakistan Sarafa Gems and Jewellers Association, the rate of 24-carat gold fell by Rs1,400 per tola, now priced at Rs444,900. 

Meanwhile, the price of 10 grams of 24-carat gold decreased by Rs1,200, settling at Rs381, 430. The price of 10 grams of 22-carat gold also declined by Rs1,100 now available at Rs349, 656.

Globally, gold prices slipped by $17, bringing the rate down to $4,235 per ounce. This decline reflects ongoing pressure from stronger global currencies and cautious investor sentiment.

Additionally, silver was priced at Rs5,261 per tola.

On the global front, gold prices dipped slightly on Tuesday as investors took profits after the metal reached a record high in the previous session, driven by expectations of further interest rate cuts by the US Federal Reserve and strong demand for safe-haven assets.

Meanwhile, US gold futures for December delivery were down 0.1%, trading at $4,356.40 per ounce.