Gold prices in Pakistan declined on Tuesday, tracking a weak trend in the international market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs. 2,700, bringing the new rate to Rs. 444,162. Meanwhile, the price of 10 grams decreased by Rs. 2,315 to Rs. 380,797.
The drop in local rates coincided with a sharp decline in global prices. International gold fell by $27 to settle at $4,218 per ounce, including a $20 premium. Silver prices also moved downward, slipping by Rs. 41 to Rs. 6,004 per tola.
READ MORE: HOBC Sales Hit Record 35,000 Tons in November as Price Gap Narrows
The global gold market cooled after reaching a six-week high in the previous session, with rising U.S. Treasury yields and profit-taking contributing to the downturn. Investors are now awaiting economic data from the United States to gauge the Federal Reserve’s future monetary policy stance.
Spot gold dipped 0.4 percent to $4,216.13 per ounce during early trade after hitting its highest level since October 21 on Monday. U.S. gold futures for December delivery also weakened, falling 0.7 percent to $4,246.60 per ounce, while benchmark 10-year Treasury yields hovered near a two-week high, reducing demand for non-yielding precious metals.
