Gold Returns to Its Previous Value After a Increase in Price

Gold prices in Pakistan fell on Tuesday, mirroring declines in the international market. In the local market, the price of gold per tola dropped to Rs. 444,162 after a decrease of Rs. 2,700 during the day. Similarly, 10-gram gold was sold at Rs. 380,797, down by Rs. 2,315, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The international price of gold declined by $27 to reach $4,218 per ounce, including a $20 premium. Silver prices in the local market also decreased, falling by Rs. 41 to Rs. 6,004 per tola. Globally, gold prices eased on Tuesday after reaching a six-week high in the previous session, as rising US Treasury yields and profit-taking weighed on the market. Investors are now awaiting US economic data for further signals on the Federal Reserve’s policy direction. Spot gold was down 0.4 percent at $4,216.13 per ounce by 0436 GMT, after hitting its highest level since October 21 on Monday. US gold futures for December delivery slipped 0.7 percent to $4,246.60 per ounce, while benchmark 10-year US Treasury yields hovered near a two-week high, reducing the appeal of non-yielding bullion.