Pakistan Gold Prices Plummet as International Bullion Prices Rebound

Gold prices in Pakistan dropped for a second consecutive day on Tuesday, despite a global rebound in international gold prices. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold fell by Rs800 per tola to Rs437,336, while the price of 10-gram gold declined by Rs686 to Rs374,945.

The decline in Pakistan came despite a recovery in international gold prices, with spot gold rising around 1% to $4,155.73 per ounce. However, gold remained below its 100-day moving average, and the stronger US dollar and elevated Treasury yields continued to weigh on the non-yielding asset.

Adnan Agar, Director at Interactive Commodities, said that the international gold market remains in a 'danger zone' after its recent decline. He noted that gold traded between $4,117 and $4,175 on Tuesday and was around $4,147 during the session.