Gold rate in Pakistan: how much prices fell today

KARACHI: Gold prices in Pakistan fell sharply on Tuesday, following a decline in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs3,500 per tola, bringing the new rate to Rs420,362.

Similarly, the price of 10 grams of gold declined by Rs3,001, now being sold at Rs360,392.

International market trend

In the global market, gold slipped below the $4,000-per-ounce mark as the US dollar maintained strength near a three-month high. Analysts said reduced expectations of another US interest rate cut in December and easing trade tensions between Washington and Beijing weighed on bullion demand.

By 6:25 GMT, spot gold was down 0.8 percent at $3,970.39 per ounce, while US gold futures for December delivery fell nearly 1 percent to $3,979.30 per ounce. The dollar remained steady, supported by a divided Federal Reserve that prompted traders to scale back their expectations of further rate cuts.

Local market movement

Gold prices in Pakistan had risen a day earlier, with the rate per tola increasing by Rs1,300 on Monday to Rs423,862. The 10-gram rate also gained Rs1,115 to reach Rs363,393.

The yellow metal, however, reversed course on Tuesday, erasing the previous day’s gains. On Saturday, gold had already seen a decline of Rs1,600 per tola, showing continued volatility in both local and global markets.