Gold Prices in Pakistan Continue to Decrease

Gold prices fell again in Pakistan on Wednesday, with the price per tola dropping by Rs. 1,000 to settle at Rs. 419,362, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 10-gram gold also declined, reaching Rs. 359,535 after a decrease of Rs. 857. On Tuesday, gold had already seen a sharp drop, with the per tola rate falling by Rs. 3,500 to Rs. 420,362. Internationally, gold prices slipped by $10 to $3,970 per ounce (including a $20 premium). Silver prices in the local market remained steady at Rs. 5,022 per tola. Later in the day, global gold prices rebounded as bargain hunters entered the market after bullion hit a near one-week low in the previous session. Spot gold rose 0.8% to $3,961.85 per ounce by 0346 GMT, after falling more than 1.5% on Tuesday. US gold futures for December delivery edged up 0.2% to $3,970.10 per ounce, with investors watching US private payroll data for signals on future interest rate moves.