Gold becomes cheaper in Pakistan as international prices ease

Gold prices in Pakistan slipped on Thursday, following losses in international markets. Locally, the price of gold per tola fell by Rs5,000 to reach Rs426,562, while 10-gram gold dropped to Rs365,708, down Rs4,286, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The decline came after a brief rally on Wednesday, when gold per tola had risen by Rs7,900 to Rs431,562.

Internationally, gold edged lower amid a stronger US dollar and diminishing expectations for a Federal Reserve rate cut in December. Investors were also keeping a close watch on a delayed US jobs report. Spot gold was down 0.1 percent at $4,077.82 per ounce, while December US gold futures fell 0.2 percent to $4,076.50 per ounce.

Silver prices in Pakistan also eased, with the metal losing Rs93 to settle at Rs5,329 per tola.

Market analysts suggest that the recent dip reflects cautious sentiment among traders, as global economic indicators continue to influence precious metal prices.