KARACHI: Gold prices in Pakistan experienced a sharp decline on Tuesday as international rates continued to exert downward pressure on the precious metal’s value.
As reported by the All Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold fell by Rs7,000, landing at Rs423,662 per tola. Similarly, the rate for 10 grams dropped by Rs6,002 to settle at Rs363,221. For 22-karat gold, the price decreased to Rs332,964 per 10 grams.
The decline also extended to silver, with the price of 24-karat silver reducing to Rs5,245 per tola and Rs4,496 for 10 grams.
On the international front, gold prices fell for the fourth consecutive session. Spot gold was trading near $4,022 per ounce, marking a $14.3 drop from the previous close. By mid-day, prices slid further to $4,011.85 per ounce, reflecting a 0.8 percent decrease.
US gold futures for December delivery also faced pressure, trading at $4,010.90 per ounce. This decline highlights reduced investor optimism, driven by a stronger US dollar and dimming prospects for imminent interest rate cuts.
