Gold Price Drops Again In Pakistan

Gold prices in Pakistan dropped on Thursday, mirroring losses in the international market. In the local market, the price of gold per tola fell by Rs. 1,000, settling at Rs. 418,862, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 10-gram gold also declined, losing Rs. 857 to close at Rs. 359,106. On Wednesday, gold had surged by Rs. 3,500 per tola to reach Rs. 419,862. Internationally, gold prices slipped as well. The global rate stood at $3,965 per ounce (including a $20 premium), down $10 for the day, as per APGJSA. Meanwhile, silver prices in the local market remained unchanged at Rs. 5,034 per tola. On the global front, gold prices edged higher earlier on Thursday, supported by a weaker dollar and an interest rate cut from the US Federal Reserve. However, optimism over US-China trade talks limited further gains. Spot gold was up 0.6% at $3,953.04 per ounce as of 0529 GMT, while US gold futures for December delivery slipped 0.9% to $3,964.50 per ounce.