Gold prices in Pakistan drops slightly

ISLAMABAD: Gold prices in Pakistan dropped slightly on Monday following the downward trajectory in the international market, APP reported.

According to the agency, All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that prices of 24 karat per tola gold dropped by Rs300 reaching Rs358,165.

The prices of 10 grams of 24 karat fell by Rs257 to Rs307,068 from Rs307,325 and for 10 grams of 22 Karat downed by Rs.235 to Rs281,489 from Rs. 281,724.

Additionally, the rates of per tola and ten gram silver increased by Rs.14 and Rs.12 to Rs3,799 and Rs3,257 respectively.

The price of gold in the international market decreased by $3 to $3,366 from $3,369, whereas that of silver went up by $0.14 to $36.15, the Association reported.

Gold prices in Pakistan have been taking consistent downward slides since the escalation of Iran-Israel tensions.

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On Friday, gold prices in Pakistan were dropped per tola by Rs1,595 to settle at Rs357,000, with the rate for 10-gramme gold having come down by Rs1,368 to Rs306,069.

Likewise, gold prices dipped within the day as investors leaned towards the US dollar for safety after Washington launched strikes on Iranian nuclear sites over the weekend. Markets are now watching closely to see how Iran responds.

By 0735 GMT, spot gold was down 0.4 per cent at $3,355.40 an ounce, while US gold futures slipped 0.5 per cent to $3,370.30.

“The US strikes on Iranian nuclear facilities prompted safe-haven flows into the dollar, which ended up putting the brakes on gold,” said Tim Waterer, Chief Market Analyst at KCM Trade. “Despite the rising risks in the region, gold’s reaction has been surprisingly quiet because of the stronger greenback.”

The US dollar rose 0.3 per cent against a basket of major currencies, making gold, which is priced in dollars, more expensive for international buyers.