Pakistan Gold Prices Drop Rs500 Amid Global Recovery
Gold prices in Pakistan fell on Tuesday, with the per-tola rate dropping Rs500 to Rs427,936 despite a recovery in international markets. The All-Pakistan Gems and Jewellers Sarafa Association also placed the domestic 10-gram price at Rs366,886, down Rs428 from the previous session.
The decline follows Monday's increase of Rs1,700, which had taken the per-tola rate to Rs428,436. International gold prices were up 0.6% at $4,078.10 an ounce by 09:29am EDT, while US gold futures rose 1.1% to $4,134.60.
However, silver bucked the trend in the domestic market, gaining Rs60 to reach Rs6,351 per tola. Trading activity remained muted, with Interactive Commodities Director Adnan Agar noting that gold spent the day moving in a tight range after touching a high of $4,085 and a low of $4,042.
Agar also observed that the market may test levels around $72 in the near term, although longer-term support is expected to hold. The next major cue for the market could come from US monthly employment figures due on Friday.