Gold slips in local, global markets after three-day rally

Gold prices in Pakistan fell on Saturday, ending a three-day upward trend in the bullion market.

According to market data, the price of gold dropped by Rs300 per tola, settling at Rs362,400.

The rate for 10 grams of gold decreased by Rs257 to Rs310,699. In the international market, gold declined by $3 to $3,397 per ounce.

Silver prices also recorded a decline, with a Rs9 drop per tola to Rs4,064, while the 10-gram rate fell by Rs7 to Rs3,484.

The downward trend in gold coincided with a stronger Pakistani rupee against the US dollar.

Analysts attributed the rupee’s gains to a possible Eurobond issuance, measures to curb dollar smuggling, and falling global crude oil prices. July’s 7.4% increase in remittances and improved trade ties with the United States also supported the currency.