Pakistan Gold Prices Plummet Despite Global Recovery
Gold prices in Pakistan fell on Tuesday, slipping by Rs500 to Rs427,936 per tola despite a recovery in international markets. The local rate for one tola eased significantly from Monday's increase of Rs1,700, which had taken the per-tola rate to Rs428,436.
The All-Pakistan Gems and Jewellers Sarafa Association placed the domestic 10-gram price at Rs366,886, down Rs428 from the previous session. This decline was a departure from Monday's trend, where gold prices rose due to increased inflation worries and expectations of further interest-rate increases in the United States.
However, silver bucked the trend in the domestic market, gaining Rs60 to reach Rs6,351 per tola. Trading activity remained muted throughout the day, 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 highlighted that the market's next major cue could come from US monthly employment figures due on Friday. He predicted that gold has been stuck between roughly $4,250 and $3,950 for an extended period and that this range will eventually break, possibly after Friday or next week.