Gold prices in Pakistan fell on Tuesday, reflecting a downward trend in the international market. In trading over the last 21 hours, the price of gold per tola decreased to Rs. 446,650, marking a decline of Rs. 1,190 according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price for 10 grams of gold settled lower, following the international market cues that have remained under pressure due to mixed investor sentiment.
At the start of the trading day, the gold rate was recorded at $4,225.06 per ounce. However, by the evening, it had decreased to $4,210.36, a drop of $14.70, as market participants reacted to global economic signals. The international gold market has faced volatility, with prices fluctuating between a high of $4,230.72 and a low of $4,163.46 throughout the day.
Silver prices in the local market showed a slight increase, rising to Rs. 58.61 per tola, reflecting a marginal gain in investor interest in the metal as a safe-haven asset amidst the uncertain market conditions.
Globally, the gold market has been influenced by geopolitical tensions and shifting economic policies, which have contributed to the fluctuations observed in precious metal prices. The dollar’s strength against other currencies also played a role in the subdued performance of gold, as a stronger dollar makes gold more expensive for holders of other currencies.
Local investors and traders are advised to keep a close watch on global economic developments, which continue to impact gold prices heavily. The APGJSA has suggested that while short-term fluctuations are expected, market participants should remain informed about broader trends that could influence pricing in the upcoming days.
Overall, the local and international markets are experiencing a cautious sentiment, with gold prices seeing a decline amid global uncertainties. Stakeholders in Pakistan’s gold market are likely to remain vigilant as they navigate through these challenging times.
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