Gold Prices Drop Further in Pakistan

Gold prices dropped across Pakistan on Tuesday, following losses in the international market as a stronger U.S. dollar and reduced expectations of another Federal Reserve rate cut put pressure on bullion. According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), 24-karat gold was sold at Rs. 420,362 per tola, down Rs. 3,500 from the previous day. The price of 24-karat gold per 10-gram dropped by Rs. 3,001 to Rs. 360,392, while 22-karat gold was quoted at Rs. 330,263 per 10-gram. Silver prices also declined in the domestic market, with 24-karat silver selling at Rs. 5,022 per tola (down Rs. 130) and Rs. 4,305 per 10-gram (down Rs. 112). On the global stage, spot gold traded near $3,986 an ounce, down $11.2 or 0.28% from the previous session, as the U.S. dollar hovered near a three-month high and expectations for a December Fed rate cut diminished.