Gold rate drops by Rs1,000 per tola in Pakistan

KARACHI: Gold rate in Pakistan saw a slight decline on Wednesday, following losses in global markets. The price of gold per tola fell by Rs1,000 to Rs419,362, while 10 grams of gold were sold at Rs359,535, down Rs857 from the previous day, according to the All-Pakistan Gems and Jewellers Sarafa Association.

This comes after Tuesday, when gold had already dropped sharply by Rs3,500 per tola, reflecting volatility in both local and international markets.

In the international arena, gold prices initially fell by $10, reaching $3,970 per ounce with a small $20 premium. Silver, meanwhile, remained steady at Rs5,022.

The global picture, however, showed signs of recovery on Wednesday. Spot gold rose 0.8 percent to $3,961.85 per ounce, as bargain hunters returned to the market following a near one-week low on Tuesday.

US gold futures for December delivery gained 0.2 percent to $3,970.10 per ounce. Traders are closely watching upcoming US private payroll data, which could influence expectations for future interest rate changes.

Investors in Pakistan are keeping a close eye on both local and international trends, with the market showing cautious optimism despite recent drops.