Gold prices in Pakistan saw a downward trend on Tuesday, reflecting declines in the international market. In trading over the last 9 hours, the price of gold per tola in the local market decreased modestly. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the rate for gold per tola fell slightly, influenced by global market movements.
At the start of the trading cycle, gold was priced at $4,225.06 per ounce, but by 8:59 AM, it had slipped to $4,211.10, marking a decrease of $13.96. This decline in the international market had a direct impact on local prices, as the pcsBuy rate in Pakistan rose marginally by Rs. 70 to Rs. 447,910.
The international gold market has witnessed fluctuations, with the price per ounce hitting a high of $4,229.71 and a low of $4,198.02 during the day. Such volatility has been attributed to varying economic signals and geopolitical factors that continue to influence investor sentiment globally.
In addition to gold, silver prices also experienced a minor change in the local market. The price of silver per tola decreased slightly, reflecting the overall trend of precious metals. This aligns with the global silver market, which has shown signs of variability due to shifting demands and supply dynamics.
Internationally, the commodities market remains under pressure as investors weigh the effects of economic indicators and potential central bank policy adjustments. These factors contribute to the current trends observed in both gold and silver markets.
Overall, the decline in gold prices in Pakistan today is a reflection of broader trends in the international market. As the day progresses, market participants will be keeping a close watch on global economic developments and their potential impact on precious metals. The APGJSA will continue to provide updates as the situation evolves, offering guidance to investors navigating this complex landscape.
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