Gold prices in Pakistan decline for third consecutive day

Gold prices in Pakistan fell for the third straight day on Thursday, tracking a global decline in the metal’s value.

According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola (11.7 grammes) dropped by Rs3,300 to settle at Rs303,000. Similarly, the rate for 10 grammes declined by Rs2,829 to Rs259,773.

Silver prices remained stable, with per tola holding at Rs3,314 and 10 grammes at Rs2,841.

On Wednesday, gold prices in the local market had decreased by Rs2,400 per tola to Rs306,300, while silver saw a Rs36 decline to Rs3,314 per tola.

Internationally, gold prices fell more than 1% on Thursday, reaching their lowest level in over a week as the US dollar strengthened. Spot gold declined by 1% to $2,889.13 an ounce by 1127 GMT, after reaching a record high of $2,956.15 earlier in the week. US gold futures also dropped nearly 1% to $2,901.50.

The dollar index rose 0.2%, making gold more expensive for holders of other currencies. Investors are closely watching US inflation data for insights into the Federal Reserve’s future monetary policy decisions.