Gold Returns to Its Previous Value After a Sudden Increase in Price

Gold prices in Pakistan fell on Thursday, in line with a drop in the international market. In local trading, gold was priced at Rs. 426,562 per tola after a decrease of Rs. 5,000 during the day. The price for 10 grams stood at Rs. 365,708, down by Rs. 4,286, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). A day earlier, gold had surged to Rs. 431,562 per tola, gaining Rs. 7,900. Globally, gold lost $50 to settle at $4,042 per ounce, including a $20 premium. Silver prices also slipped in the local market, dropping by Rs. 93 to Rs. 5,329 per tola. Internationally, gold prices edged lower as a stronger dollar and fading hopes for a Federal Reserve rate cut in December weighed on sentiment. Investors are also awaiting a delayed US jobs report. Spot gold was quoted at $4,077.82 per ounce, down 0.1% as of 0449 GMT, while US gold futures for December delivery slipped 0.2% to $4,076.50 per ounce.