Gold, silver prices decline in local market as global rates fall

Gold and silver prices extended their decline on Wednesday in the local market after the price of gold per ounce fell by $12 to $4,766 in the international market. According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), in local markets, the price of gold per tola decreased by Rs1,200 to Rs498,962, while the price for 10 grams of gold dropped by Rs1,029 to Rs427,779. Silver prices also declined. The price of silver per tola fell by Rs34 to Rs8,324, while the rate for 10 grams decreased by Rs29 to Rs7,136. Meanwhile, spot silver rose 1.9% to $78.15 per ounce, platinum gained 2.2% to $2,082.15, and palladium was up 2.4% at $1,570." Read: Strong dollar, rising yields push gold lower On Tuesday, gold prices in Pakistan declined, tracking losses in the international market, as a stronger US dollar and rising Treasury yields weighed on bullion, while investors remained cautious ahead of developments in tentative US-Iran talks and the confirmation hearing of Federal Reserve chair nominee Kevin Warsh. In the local market, the price of gold per tola fell by Rs1,000 to settle at Rs500,162. Similarly, the price of 10-gram gold decreased by Rs857 to Rs428,808, according to APGJSA. The latest decline followed a drop in the previous session, when gold prices had fallen by Rs4,900 per tola to close at Rs501,162, indicating heightened volatility in the domestic bullion market. Silver prices also moved lower, with the per-tola rate decreasing by Rs59 to reach Rs8,358. In the international market, spot gold dropped 2% to $4,724.31 per ounce during US trading hours, hitting its lowest level in over a week, according to Reuters. Meanwhile, US gold futures for June delivery declined 1.8% to $4,743.50. Adnan Agar, Director at Interactive Commodities, noted that gold traded within a wide range during the session, touching a high of $4,830 and a low of $4,707, and was hovering near session lows amid uncertainty surrounding geopolitical developments. He said ambiguity about the status of US-Iran talks had created a "drama-like" situation in the market, with conflicting signals dampening investor confidence. Meanwhile, the Pakistani rupee gained a marginal Rs0.01 against the US dollar on Tuesday, closing at 278.90 in the inter-bank market. Additionally, the State Bank of Pakistan received a $1 billion deposit from Saudi Arabia's Ministry of Finance.