Pakistan Gold Price Drops Amid Global Rebound
Gold prices in Pakistan dropped by Rs500 to Rs427,936 per tola on Tuesday, despite a rebound in international markets.
The local rate for one tola fell to Rs427,936 after Monday's increase of Rs1,700 took the per-tola rate to Rs428,436. The All-Pakistan Gems and Jewellers Sarafa Association also placed the domestic 10-gram price at Rs366,886, down by Rs428 from the previous session.
In contrast, silver prices rose locally, gaining Rs60 to reach Rs6,351 per tola.
Interactive Commodities Director Adnan Agar noted that gold spent the day moving in a tight range after touching a high of $4,085 and a low of $4,042. He said 'The market was very dead … It was standing at $4,063 and moving within a $40 range.'
The US-Iran standoff and recent lows near $77.60 a barrel contributed to oil remaining under pressure.