Gold Prices Rebound to Previous Value After Decrease in Pakistan

Gold prices in Pakistan fell on Wednesday, mirroring losses in the international market. In the local market, the price of gold per tola dropped to Rs. 443,162 after a decrease of Rs. 1,000 during the day. Similarly, 10-gram gold was sold at Rs. 379,939, down by Rs. 858, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, the price per tola had reached Rs. 444,162 after a decline of Rs. 2,700 during the day. Internationally, the price of gold declined by $10 to reach $4,208 per ounce, including a $20 premium. Meanwhile, the price of silver in the local market increased by Rs. 81 to Rs. 6,085 per tola. Globally, gold regained ground on Wednesday as investors held onto expectations of a Federal Reserve rate cut, with a series of US economic data releases this week expected to influence monetary policy. Spot gold rose 0.4 percent to $4,222.22 per ounce as of 0506 GMT, after falling more than 1 percent in the previous session. US gold futures for December delivery were up 0.8 percent at $4,252.90 per ounce. Silver also vaulted to a record high during the session.