Gold prices drop by Rs700 in Pakistan as global rates fall

Gold prices saw a minor decline in Pakistan on Saturday after prices in the international bullion market dropped by $7 per ounce, bringing the new global rate to $1,746 per ounce. Following global trends, local bullion markets also experienced a decline. The price of 24-carat gold per tola dropped by Rs700, bringing it to Rs496,962. The price of 10 grams of gold decreased by Rs600 to Rs426,064. In contrast, silver prices rose in the country. The price per tola increased by Rs50 to Rs8,064, while the price of 10 grams of silver rose by Rs43 to Rs6,913. Read: SBP injects over Rs2tr via OMOs A day earlier, gold prices in Pakistan rose, tracking gains in the international market as bullion edged higher amid a softer US dollar following a tentative US-Iran truce, while investors remained cautious about its sustainability and implications for global interest rates. In the domestic market, the price of gold per tola increased by Rs3,000 to settle at Rs497,662, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the rate for 10 grams of gold climbed by Rs2,572 to Rs426,664. The latest increase follows a sharp decline a day earlier, when gold prices had dropped by Rs9,500 per tola to close at Rs494,662, highlighting ongoing volatility in the bullion market. Silver prices also witnessed an upward trend, gaining Rs130 to reach Rs8,014 per tola in the local market. Globally, spot gold rose 0.4% to $4,780.22 per ounce by midday trading, and is up more than 2% so far this week, putting it on track for another weekly gain. However, US gold futures slipped 0.3% to $4,805.40 per ounce, reflecting some profit-taking and cautious sentiment among traders.