Gold Prices Slump in Pakistan Amid Global Rally Pause

Gold prices in Pakistan declined on Tuesday due to a pause in the global rally that had pushed bullion to a three-month high earlier in the session. According to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association, gold prices per tola closed at Rs486,536 after a decline of Rs600. The price of ten-gram gold was quoted at Rs417,126, down Rs514 from the previous day.

Silver also retreated in the local market on Tuesday, falling Rs100 to Rs7,279 per tola. In the international market, spot gold remained virtually unchanged at $4,652.26 per ounce by 1547 GMT after touching its highest level since May 14, according to Reuters. US gold futures rose 0.2% to $4,709.40.

Interactive Commodities Director Adnan Agar noted that the market saw a high near $4,700 and a low around $4,600 before settling near $4,650. He predicted price fluctuations due to key releases this week, including the US personal consumption expenditure (PCE) report on Wednesday.